The Blue Knights have submitted a revised offer for Rangers, a spokesman for Knights member Brian Kennedy has confirmed.
Cash-strapped Rangers were placed in administration back in February and are battling to avoid going into liquidation
There are currently two bids on the table to buy the stricken SPL club with the Blue Knights vying with American tycoon Bill Miller to take control at Ibrox.
But neither party has yet submitted the unconditional bid that administrators Duff & Phelps think would be commercially acceptable to Rangers' creditors.
However, Blue Knights have now tabled a new bid and are hoping their offer will be accepted as they look to save the club from going into liquidation.
Kennedy's spokesman said: "Brian Kennedy has asked me to advise you all that a revised bid has been submitted to the administrators."