Knights confirm Gers bid

Paul Murray: Leading the Blue Knights who have submitted a formal bid for Rangers

The Blue Knights confirmed on Friday that they have made a 'substantial' bid for Rangers.

The Blue Knights have joined forces with Sale Sharks owner Brian Kennedy to make the bid to the administrators of the SPL club.

The bid was submitted to the club's administrators Duff and Phelps at 3pm on Friday afternoon.

But they warn it is conditional on a CVA (Company Voluntary Arrangement) and owner Craig Whyte's shares being acquired.

In a statement, the Blue Knights said: "We are pleased to announce the Blue Knights, led by Paul Murray and Brian Kennedy, have joined forces and have submitted a written offer to the lawyers of the administrators to purchase Rangers.

"This offer we consider to be substantial and conditional on a CVA being approved by the creditors and Craig Whyte's shares being acquired.

"We hope this is accepted so we may proceed with due diligence and make a start to the task of re-building Rangers."