Rangers' administrators have confirmed they are anticipating up to five bids for the club before Wednesday's 5pm deadline for final offers.
Kennedy does not rule out a late offer for Ibrox club
Rangers' administrators have confirmed they are anticipating up to five bids for the club before Wednesday's 5pm deadline for final offers.
Sky Sports understands that
Sale Sharks owner Brian Kennedy will be one of those to table a bid, and he has not ruled out a late offer.
David Whitehouse, of joint administrators Duff and Phelps, revealed the club could be operating under new ownership in the coming weeks.
Outgoing owner Craig Whyte, who is believed to have agreed to transfer his shares to the Blue Knights consortium which is led by Paul Murray, is not expected to be a hindrance to any deal.
American investors Club 9 Sports and a Singapore-based group are also expected to make formal bids by Wednesday.
Whitehouse told the club's
official website on Tuesday evening: "We have been in detailed conversation with a number of parties over the last couple of weeks and the best and final bids are due to be submitted by tomorrow at 5pm.
"It could be we end up with at least four possibly five bids being submitted.
Ownership change
"If it becomes clear after tomorrow's bids then we would want to be backing one horse very soon after Easter and then concluding a deal within a few weeks - in other words ownership change - and Rangers would come out of administration at that point.
"We need to have ownership change before the end of the season.
"I am told that Craig Whyte will not be an impediment to any deal."
Kennedy has consistently described himself as a reluctant runner and had his initial proposal rejected, but he reportedly said on Tuesday that the Club 9 Sports offer "scared the living hell out of him" and that he would submit an offer if he believed Rangers were heading for liquidation.
He released a statement through his rugby union side's spokesman, which read: "I have just spoken to Brian Kennedy who is on business in New York and he has advised me that he has not issued a revised bid regarding Rangers Football Club. If the situation changes Brian will advise me."
Whyte this week insisted he would co-operate with potential bidders including the Blue Knights, despite his stated scepticism over Murray's involvement.
Paul Murray claimed he had struck a deal with Ticketus, who provided more than £30million of capital to Rangers during Whyte's reign, as part of his bid, but final confirmation of that has not been forthcoming.
Economic consideration
Ticketus are owed £27million over the next three years, however, administrators believe they have the right to tear up the deal if in the best interests of creditors, and could launch a second court challenge to the contract. Murray has claimed to have initiated a deal that would see Ticketus reclaim just £10million over a longer period.
The Blue Knights hope to avoid liquidation, which would leave any new club arising from the current club's carcass facing a three-year ban from European football and open to further domestic sanctions even if they retain Scottish Premier League status.
However, Whitehouse warned that any offer that relies on a Creditors Voluntary Arrangement (CVA) must serve creditors better than a bid which leads to liquidation.
"Whilst we are mindful of the advantages of a CVA and that is our preferred outcome, there is economic consideration to be taken into account as well in that creditors will require the best return," he said.
"Therefore those purchasers who are keen to promote and deliver a CVA exit must also recognise the need for their proposals to be commercially competitive.
Meanwhile, administrators will on Wednesday publish their initial report on the club's official website with creditors given an opportunity to vote on that by 20th April.
Joint-administrator Paul Clark said: "For clarification this is not a creditors' meeting at which a Company Voluntary Arrangement will be proposed, nor will any other form of exit from administration be determined at this juncture.
"Such matters will be formally considered once the sale process has reached a conclusion."
