Kennedy in dark over failure

Image: Brian Kennedy: Had spoken with Craig Whyte about his shares

Sale Sharks owner Brian Kennedy is not sure why the latest bid by the Blue Knights to buy Rangers had failed.

Sale Sharks owner hopes Gers is bought by a credible individual

Brian Kennedy is not sure why the latest bid by the Blue Knights to buy Rangers had failed and hopes the club are bought by a credible individual. The Blue Knights have failed in a third bid to buy the club and it is thought former Sheffield United chief executive Charles Green is now leading the race to be named as the preferred bidder. Sale Sharks owner Kennedy was disappointed the bid was turned down after weeks of negotiations with administrators Duff and Phelps. Asked why the latest bid had failed, Kennedy told Sky Sports News: "I can't answer that. We've talked at length to the administrators over the weeks. "We felt that we'd got up to the quantum level they were looking for. We always thought that the big stumbling block was Craig Whyte's shares. "I went up to Inverness last Sunday to Craig Whyte's castle, met him, talked to him over three hours and he then agreed to give the shares over so that is no longer an issue. "So we can only guess that this late bidder has come in with a knock-out bid and is an extremely credible individual. "And we sincerely hope they are because our motive is - and always has been - the survival and prosperity of Rangers Football Club."

Withdrew

Earlier on Friday, the Blue Knights withdrew their bid to buy the club, with former Ibrox director Paul Murray telling a press conference they had failed after weeks of negotiations. Murray explained they felt they had no option but to withdraw after fearing their chances of securing a Company Voluntary Arrangement (CVA) had passed. He said: "We see the only way forward for the club is to effect a CVA and unfortunately time has run out. "There is no time left to effect a successful CVA and to exit the club in a healthy capacity from that process. "We told Duff and Phelps that on a number of occasions. The process has gone on far, far too long for various reasons. "We told them last night they had until midday today to come back to us. "They came back and wanted more time. They claim to have another interested party."

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