Sale Sharks owner Brian Kennedy and the Blue Knights have confirmed they have submitted a "revised bid" for Rangers with administrators Duff and Phelps.
Kennedy and the Blue Knights consortium - fronted by former Ibrox director Paul Murray - are in the running for a takeover of the stricken club, with American tycoon Bill Miller another bidder.
Administrators confirmed they had received formal offers from both interested parties on Friday.
Kennedy's spokesman said: "Brian Kennedy has asked me to advise you all that a revised bid has been submitted to the administrators."
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