THE future of Rangers was no clearer last night after the Singaporean businessman Bill Ng hinted he is on the verge of walking away from his bid to take control of the club because of his frustration with Ticketus.

The picture was further muddied when Brian Kennedy, the Sale Sharks owner, was told by the administrators yesterday that his revised bid for the club is unacceptable.

Kennedy claims he verbally informed administrators Duff and Phelps of his new bid on Wednesday night, two weeks after the deadline for best and final offers.

But a spokesman for Duff and Phelps said last night: "The administrators haven't received a revised written offer and have informed Brian Kennedy his best verbal offer is not capable of acceptance."

Kennedy says he had doubled his first offer to a "double digit million-pound bid" on Wednesaday night and implored administrators to act swiftly. They have done so with regards to his offer but there remains no decision on a preferred bidder.

In a statement released last night, joint administrator David Whitehouse added: "We have had a series of constructive discussions with bidders.

"We have made it crystal clear to them all that to announce a preferred bidder we need definitive, unconditional bids on the table.

"It is also important to let fans know that at this stage there is a world of difference between people indicating their intentions, even though they are well meaning – and putting them in black and white.

"We understand there are complex issues for bidders to deal with and we do not doubt that all parties want to attain control of the football club.

"We understand also that those interested in buying the club are working hard to resolve all outstanding issues. We are continuing to make representations to all stakeholder groups, including the football authorities, to give clarity on outstanding issues which will help existing bids move to unconditional status."

Such rhetoric suggests Duff and Phelps are unable to accept any offers currently on the table having considered written bids from the Blue Knights consortium, the American tycoon Bill Miller and Ng.

Ng, meanwhile, is still hoping to be named preferred bidder by the end of this week after tabling his £20m offer to take control. However, he has revealed he is losing patience with the process and is unhappy at Ticketus' demands for a credit repayment scheme for the money they handed over to the owner, Craig Whyte, who used it to help purchase the club. Ticketus have rights to £27m of season tickets at Ibrox for the next three seasons.

Ng, a 52-year-old private equity firm director who looked as if he and his five-man consortium were the frontrunners this week, now could be ready to pull the plug on the deal altogether.

He claims Ticketus are asking for a £17.5m pay-off, from the original figure in negotiations which started at £5m. He is not prepared to pay that.

Sources in Singapore have already stated he's looking at other business ventures in Europe instead, including hotel ownership.

Ng said: "Despite all the talk of us being the favourites, I'm very frustrated because of the way Ticketus are treating us.

"As a creditor, it has no right to hold investors around the neck as it is doing. It is increasing its demands each week, and this is on top of our offer for the club. It was £10m before, then £12m, now this. I'm running out of patience and time."

Ng had set aside a figure of £12m to pay creditors, but he looks close to pulling out of the race.

The Blue Knights, spearheaded by the former Rangers director Paul Murray, were involved in discussions yesterday after reconsidering their decision to step back from the process on Monday in a bid to facilitate a quick deal.

Ticketus, for their part, confirmed they are still speaking to the Blue Knights and Ng, but will leave it to the administrators to choose the preferred bidder.

A spokesman for Ticketus said: "Despite some reports [to the contrary] we have been talking to Paul Murray by phone on and off since Monday, and are still talking about a possible joint bid. We are also still in discussion with the Singaporean bidders."

There are numerous areas of uncertainty surrounding the process including the rights of Whyte, who bought his 85% shareholding for £1. Duff and Phelps have dismissed him as an "irrelevance" but Whyte insists he has £30m on the line.

Other outstanding issues, apart from the Ticketus situation, include the outcome of the big tax case and April 30 vote on the Scottish Premier League's financial fair play proposals.