Rangers administrators Duff & Phelps have revealed they have received two formal bids for the club: one from American tycoon Bill Miller, and another from the 'Blue Knights'.
The 'Blue Knights', led by ex-Gers director Paul Murray, have teamed up with Sale Sharks owner Brian Kennedy and, on Friday afternoon, submitted a "substantial" written offer to buy the SPL side after Ticketus, who had joined forces with the Blue Knights, earlier, withdrew their interest in funding a takeover bid.
The bid, however, is subject to a Company Voluntary Agreement (CVA) being agreed with the creditors and the acquisition of current owner Craig Whyte’s shares.
American Mr Miller, meanwhile, has firmed up his interest in the Glasgow side and has proposed to create an ‘incubator’ company to buy Rangers’ assets to bring them out of administration via a CVA.
But his bid is dependent on whether the Glaswegian club receives a 10-point deduction for the following two Scottish Premier League seasons.
"We can confirm this afternoon that we are in receipt of two formal bids for control of Rangers Football Club," joint-administrator David Whitehouse said. "Both bids at this stage remain conditional.
"We are in receipt of a bid from Bill Miller, whose bid is conditional on securing greater comfort and clarity from the football authorities in relation to sanctions against Rangers.
"Clearly, the events of last Monday night when the SFA's judicial panel imposed severe and, in our view, unwarranted penalties on the club had a destabilising effect on the sale process.
"However, since then, Mr Miller's bid team have worked to develop a structure which enables the wishes of creditors to be taken into account whilst ensuring that the club is taken forward well-capitalised and the requirements of the footballing authorities are met.
"Mr Miller hopes a solution to all regulatory issues can be found and his team has been in constructive discussions with all relevant parties this week.
"This afternoon Brian Kennedy and Paul Murray submitted a bid which is conditional on a CVA being approved by creditors and we will seek guidance from prominent creditors.
"It is also conditional on the acquisition of the shares of Craig Whyte in the football club and we have asked for this and other points in the bid to be clarified.
"We note the statement today issued by Ticketus and its withdrawal as a potential partner for the Blue Knights.
"What should be clarified is that neither bid involves liquidation of the football club.
"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.
"We will provide a further update as soon as possible."