Brian Kennedy drops out of Rangers takeover reckoning
Brian Kennedy is no longer in the running to buy Rangers and has urged the club's administrators to opt for a rival bid instead, a representative for the Sale Sharks owner has said.
Press Association Sport understands Kennedy was told by Duff and Phelps that his takeover bid was too low.
He appears unlikely to table an improved proposal after saying he hopes administrators go with another bid tabled by former Ibrox director Paul Murray and his Blue Knights consortium.
Kennedy was one of a number of parties who had expressed an interest in taking over the ailing Glasgow giants, who were forced to call in the administrators on February 14.
A spokesperson for Kennedy said he was "disappointed but not surprised by the outcome".
Kennedy added: "I was only going to get involved for the good of the club.
"I am glad the process is now moving on and I hope the administrators now go with the Paul Murray/Blue Knights bid as they have the best interests of the club and the supporters at heart."
Latest in Sport
Mario Balotelli to Liverpool: The best memes as the internet reacts to imminent £16m transfer
Sami Khedira to Arsenal? Arsene Wenger reveals the Gunners are still in the market for defensive midfielder
Paul Scholes: Manchester United need five experienced players who can turn round a desperate situation
Manchester United transfer news: Louis van Gaal tried and failed to sign German stars Thomas Muller and Marco Reus this summer
Tracey Emin: My Life In A Column
- 2 ALS ice bucket challenge co-founder Corey Griffin drowns, aged 27
- 3 A third of employers never check job applicants' qualifications, survey finds
Richard Dawkins on babies with Down Syndrome: 'Abort it and try again – it would be immoral to bring it into the world'
Scottish independence: English people overwhelmingly want Scotland to stay in the UK
Isis threat: Cameron wants an alliance with Iran
Crisis? What crisis? A visiting US doctor gives the NHS a rave review
Michael Brown shooting: Chaos erupts on the streets of Ferguson after autopsy shows teenager was shot six times – twice in the head
Scottish Independence Referendum: Salmond described as 'arrogant, ambitious and dishonest' by Scottish women