Blue Knights and Kennedy submit Gers bid (From Ledbury Reporter)

Blue Knights and Kennedy submit Gers bid

4:24pm Friday 27th April 2012 in National Sport News © Press Association 2013

Sale Sharks owner Brian Kennedy and the Blue Knights have joined forces to submit a "substantial" written offer to purchase Rangers.

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

The offer is subject to a Company Voluntary Agreement (CVA) being agreed with creditors and the acquisition of current owner Craig Whyte's shares.

The news was confirmed in a joint statement from Kennedy and former Ibrox director Paul Murray, who fronts the Blue Knights consortium.

The statement read: "We are pleased to announce that the Blue Knights, led by Paul Murray and Brian Kennedy, have joined forces and at 3pm today have submitted a written offer to the lawyers of the administrators to purchase Rangers Football Club.

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

"We hope this is accepted so that we may proceed with due diligence forthwith and make a start to the task of rebuilding Rangers Football Club of 1872."

The move came hours after Ticketus, who are owed £27million from Rangers over the next three years, pulled out of the Blue Knights consortium.

In a statement, the London-based firm said: "Following extensive discussions with the Blue Knights, led by Paul Murray, Ticketus confirms that it has withdrawn from the Blue Knights Consortium after it was unable to finalise satisfactory terms of agreement for its investors with the Blue Knights around restructuring its ticket purchase agreement."

The statement continued: "Consequently Ticketus is no longer able to play a role in the consortium's bid for The Rangers Football Club PLC at this stage