Kennedy plans joint bid for Rangers

CHESHIRE-based businessman Brian Kennedy has teamed up with former Rangers FC director Paul Murray and his “Blue Knights” consortium to launch a bid for the club.

A statement issued by the club’s administrators on Friday confirmed that the joint bid was one of only two bids it has received.

Joint administrator David Whitehouse, who heads Duff & Phelps’ Manchester office, said; “Both bids at this stage remain conditional”.

The Blue Knights consortium had been working with ticket agency Ticketus, but it withdrew from the bidding last week.

The bid from Kennedy and the Blue Knights is dependent on a creditors’ voluntary arrangement being agreed, with “prominent creditors” agreeing to waive demands for most of the money they are owed. It has been reported that the bid involves offering creditors just £5m of the £120m they are owed.

A rival bid has also been submitted by US-based businessman Bill Miller, but this is conditional “on securing greater comfort and clarity from the football authorities in relation to sanctions against Rangers”. The SFA last week fined the club £160,000 and banned it from making any new transfers for 12 months.

“In terms of quantum, there are significant differences between the two offers in terms of a prospective return to creditors and approach to future funding and these have to be evaluated,” said Mr Whitehouse.

“We will provide a further update as soon as possible.”

Mr Kennedy also owns the Sale Sharks rugby union club.