The Blue Knights consortium have submitted a revised bid to Glasgow-based outfit Rangers in an attempt to buy the stricken club.

Sale Sharks owner Brian Kennedy joined forces with the group led by Paul Murray last week, but the Gers' administrators from London firm Duff and Phelps were keen to receive a better offer from the consortium as the original failed to match that of American tycoon Bill Miller.

"We've been in extensive negotiations with the administrator over the weekend in a bid to provide a deliverable offer that is acceptable," Kennedy told BBC Scotland.

It is understood that Miller's bid is based on assurances that the former Scottish Premier League champions will not face more sanctions from the governing body.

Rangers have been in administration since February.