The Blue Knights consortium
withdrew its bid for crisis-hit Scottish League giants Rangers
The offer was withdrawn after its bid for the Ibrox club
passed a midday deadline for a decision from administrators Duff
Brian Kennedy, owner of Sale Sharks Rugby Club, had become
involved in the attempt to takeover Rangers after the collapse
of the preferred bid from American Bill Miller. But Kennedy had
warned they must accept the Blue Knights' offer for the club by
noon on Friday, or else they would walk away.
Which is what they have done.
Kennedy had reportedly agreed a deal with Craig Whyte to
acquire his 85 per cent shareholding and wanted Duff and Phelps
to name a bidder.
Earlier Kennedy told the Daily Record newspaper they were
now at the "end of the road.
"If our bid is not accepted in the next few hours then, most
reluctantly, we will have to withdraw from the process by
lunchtime," he had said.
"We have a plan to save this club but my lawyers, Walker
Morris, have advised me it will not be possible to execute a CVA
unless, on Saturday morning, we begin working, full-time and
flat out on due diligence and documentation.
"Any later than that and our plan cannot be delivered with
any legal certainty.
Duff and Phelps announced Whyte had struck a deal with two
groups on Thursday night, with one understood to be a
London-based group with experience of running clubs in the top
two levels of English football.
According to Duff and Phelps, three potential ownership
groups emerged in the wake of Miller's withdrawal to rival the
Duff and Phelps confirmed that the Blue Knights, which was
previously led by former director Paul Murray, has pulled out of
the race after they did not receive an acceptance of their offer
by Friday's noon deadline.
The Blue Knights are scheduled to hold a media conference in
Glasgow on Friday in response to the collapse of their offer.
Earlier on Friday it was announced that Rangers' appeal
against a fine and transfer embargo would be held next
Rangers were fined 160,000 pounds and given a
12-month transfer embargo by an SFA judicial panel last month
after being found guilty of five charges in relation to their
financial affairs and the appointment of Whyte as chairman.
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