THE Blue Knights and Scottish businessman Brian Kennedy are close to an agreement that would see them submit a joint bid to save Rangers from liquidation.
Details emerged after the Sale Sharks rugby team owner and representatives of the consortium led by former Ibrox director Paul Murray held more than five hours of "extremely productive and constructive" talks yesterday. It is believed the framework of an equal partnership agreement is now in place.
Mr Kennedy and the businessmen who comprise the Blue Knights would combine elements of their financial offers in an attempt to rescue the crisis-torn Ibrox club.
The two sides have been mutually appreciative of their separate bids until now. Kennedy had previously said he would support the Knights' attempts to save Rangers but he is now understood to be close to a more substantial financial commitment.
If their bid is formalised it could be lodged with the administrators, Duff & Phelps, within days.
Their main rival, US trucking tycoon Bill Miller, continues to monitor events and has drafted an £11.2 million bid which involves the creation of a "newco" club.
But it is expected the Blue Knights and Kennedy will move quickly as they realise the club is teetering on the brink of liquidation after the latest delays in the bidding process.
The value of a combined offer has still to be established, but previously both parties were prepared to pay around £10m to buy Rangers and take the club out of administration via a Company Voluntary Arrangement.
It follows the passing of Monday's deadline for naming a preferred bidder to take the club out of Craig Whyte's control. It was extended by Duff & Phelps after the Scottish Football Association fined Rangers £160,000 and, crucially, banned them from signing any player older than 18 for a year.
Mr Kennedy has been a constant presence throughout the Rangers takeover saga but despite making two bids has been an outsider who wanted control only if there was a danger of liquidation. The Hibs supporter, who said he hoped to save Rangers as an institution in Scottish life, has a personal fortune of up to £250m.
Both Mr Kennedy and the Knights have said they were against the one-man ownership model which has put Rangers into such a grave position.
Meanwhile, Rangers fans are to spend around £20,000 on hiring Richard Keen, one of Scotland's top QCs, to fight the SFA's fine and ban on the club signing players.
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