Singapore group tipped for Rangers
A Singapore-based group appears set to be named as the preferred bidder for Rangers Football Club after the Blue Knights consortium announced it was taking a step back from the process.
The Blue Knights, spearheaded by former Rangers director Paul Murray, were offered the chance to enter into exclusive talks with administrators over concluding a deal for the Glasgow club.
But, during a delay in attempting to raise a £500,000 fee to do so, their financial backers Ticketus agreed a deal with the Singapore group that the Blue Knights cannot match.
They have now moved aside in the hope that Bill Ng's group can conclude a deal but they could re-enter the fray if no agreement is reached.
In a statement issued to BBC Scotland, the Blue Knights said they were taking "a step back to enable Duff & Phelps, Ticketus and the Singaporeans to conclude a deal as quickly as possible or not".
Duff and Phelps soon responded by saying they hoped to announce a bidder in the coming days.
David Whitehouse, joint administrator, said in a statement on Rangers' official website: "It is disappointing the Blue Knights are withdrawing at this stage, particularly in view of the fact that last week it was made clear to them and Ticketus that their indicative bid placed them in a strong position.
"We were therefore surprised that their offer to pay an exclusivity fee was withdrawn and although discussions over the exclusivity fee continued over the weekend, no agreement was reached."
The statement added: "We can reassure supporters of the club that we look forward to making an announcement on a preferred bidder later this week, assuming no further hurdles are placed in our path.
"While we as administrators have a statutory duty to look after the interests of creditors and to keep the business going, it is of paramount importance that the bid which is taken forward is the best on offer for Rangers Football Club."