Administration-hit Rangers is not in a position to offer the Northern Ireland Under-21 international a new contract with a Company Voluntary Arrangement (CVA) proposal still to go out to creditors.

Hegarty, who turns 20 in August, has spent two years at Ibrox after being released by Millwall and tasted first-team action in a friendly against Linfield earlier this month.

And, with Rangers facing a 12-month transfer embargo, the teenager is keen to bide his time and make his mark in Ally McCoist's team.

Hegarty said: "I'm not in an ideal situation, I'm about a week away from my contract running out.

"But I think I owe it to the club just to wait and see what's happening.

"I sat down with my agent and we both agreed that the club has got bigger things to think about than me at the minute.

"So I'm just going to wait about and see what happens but I'm positive I'll be here next season.

"They will hopefully offer me a contract in June and backpay me or whatever. I don't know what happens."

With McCoist's top players able to leave for cut-price fees from June 1 and all players potentially free to go if Rangers re-emerge as a new company, Hegarty could find himself thrust into first-team action next season.

He lined up at centre-back alongside Ross Perry and Kirk Broadfoot in the win over Linfield.

"Running out at Windsor Park is something you want to do as a kid from Northern Ireland but doing it in a Rangers shirt is living the dream," he said.

"I'm really positive going forward to next season.

"I've been in and around the team. I've got half a sniff and I want more next year.

"If you're good enough, you are old enough. All the lads have shown what they can do.

"For me and the likes of Andy Mitchell and Lewis MacLeod coming through, we are all positive about getting a run-out next season. There are four or five of us ready to go in.

"The coaching staff keep us all level-headed and get us up for the games.

"You can't sit about and hope for your chance, you have just got to take it. They get you ready for the game.

"I don't think any of the lads will freeze. All the guys who have gone in, the likes of Rhys (McCabe), Jamie Ness, Andy Little, they have all done their job on the pitch."

However, Hegarty does not expect a mass exodus of experienced players despite the uncertainty over the club's future.

"Everyone is together," he said. "We have been together for the last six months, it was probably the hardest time any player could imagine.

"I think all of them will want to stay but it's not for me to say, it's up to them."

The Northern Irishman took his side to Scottish Communities League Cup glory in his first full season in the role with victory over Celtic in March.

Chairman Michael Johnston said: "I am delighted to say that Kenny has agreed a two-year extension to his contract so he will be here for another two years and I am looking forward to be working with Kenny and Jimmy (Nicholl)."

The club announced the pair had been informed they would not be offered new deals when their contracts expire in the coming weeks.

Elliott started the 5-1 Hampden Park success over Hibernian and has been a regular since arriving from Preston.

In an article on the club's official website, the Irishman said: "I have had a great couple of years here and to go out in that manner was just amazing.

"I'm leaving with a Scottish Cup winner's medal so I would have to say my time here has been a success."

Glenn added: "It was great to go out on such a high and I'd like to wish the lads the best of luck for next season.

"I'd like to thank the fans for their support during my time at the club and I'm now looking forward to taking the next step in my career."

A number of Rangers players negotiated exit clauses after accepting temporary wage cuts at the start of March, which leaves the club exposed when the transfer window opens on 1 June - also the date when their wages are due to revert to normal levels.

Manager McCoist could lose even more players if the club's creditors do not agree to a Company Voluntary Arrangement as PFA Scotland argued it would not be obliged to transfer to any new company that is formed from the current club's shell.

Rangers last week lost its appeal against a 12-month transfer embargo imposed by the Scottish Football Association over their failure to pay $20.7 million in tax last season, meaning McCoist would only be able to bring in under-18s to replace any departing players.

With Rangers banned from Europe next season due to its financial mismanagement, Hateley thinks the loyalty of internationals such as Allan McGregor, Steven Whittaker, Steven Davis and Steven Naismith will be sorely tested.

"I'm always of the belief that as top pros you are always trying to make yourself the best you can be before your short career is over. That was my way of looking at things anyway," Hateley, who was at Ibrox to talk to schoolchildren at the Rangers Study Support Centre, said.

"Top players are always looking to become a better player and the players in this bracket - McGregor, Davis, Naismith, Whittaker - they are all top players.

"I think the question will be asked by their advisors - is staying at Rangers going to make you a better player?

"Possibly the circumstances from June 6 will determine those decisions but top players want to be the best they can possibly be and if those circumstances deny them that chance then the players have a question to ask themselves."

The club's administrator and prospective owner Charles Green had initially planned to send a CVA proposal with a target date for a creditors meeting of 6 June.

That did not happen with a spokesman for Duff and Phelps saying one would be sent some time this week, with two weeks' notice needed.

It remains a distinct possibility that a newco Rangers would be admitted to the Scottish Premier League without sanctions, but such an entity would be expected to inherit the transfer ban.

Hateley believes that could make it more difficult to reduce the wage bill, though.

"I find it very difficult to understand," the former England striker said.

"You are trying to get your football club back in order and the powers that be want the football club reeled back in.

"To do that you have to sell your top earners, bring the salary bill down and make it more manageable.

"But to do that you can't sell all your top players without being able to bring another player in.

"So what do you do? If not you have to try to keep all your top players and keep all the top salaries.

"I would say Alistair would like to keep everybody but the players are in a powerful position now because of what they negotiated with the administrators.

"The most important thing for me now is the decision from the SFA and SPL and the sanctions.

"That then gives Alistair a clear plan in which way the club is going and also with the players as well."

Hateley has given a cautious welcome to Green's intervention but admits concern will remain with only two if his consortium's financial backers having been announced.

"I think it will be an underlying worry with Rangers fans," he said.

"You want to see transparency and a business plan. We are waiting for deadlines, Rangers supporters seem to be waiting for deadlines for months.

"I think June 6 will be the defining moment in the outcome for Rangers Football Club.

"It's nice to have someone at the table. With a little time we will see more transparency and that's what Rangers fans are waiting to see.

"The names will be reassuring to Rangers supporters but we are still in a state of limbo."

Former Sheffield United chief executive Charles Green has signed an "irrevocable" agreement with Rangers' administrators Duff and Phelps and majority shareholder Whyte after weeks of negotiations.

But King's claims cast doubt over the anticipated sale of the ailing Glasgow giant to Green's consortium.

Whyte, who has an 85% stake, has dismissed King's comments.

"It was verbally agreed over lunch but is legally valid," King told BBC Scotland.

"It suited him at the time and I will hold him to it.

"I have first option on (his) shares and would not forgo this unless I was absolutely certain that any proposed transaction, that excluded me, was in the best interests of the club. I have yet to see such a proposal."

South Africa-based businessman King, the second largest shareholder in Rangers, added: "I stayed on because I also had my investment and those of the other minority shareholders to protect and I believe that my presence on the board prevented Whyte from getting away with more than he even did."

In response to King's comments, Whyte told BBC Scotland: "If the CVA (Creditors Voluntary Arrangement) is successful the minority shareholders will retain their shares in a club that will be a debt-free sustainable business and not the basket case that I inherited as a result of the mismanagement of the previous board."

Green has already indicated his consortium's £8.5 million ($13.7 million) bid is unaffected by sanctions imposed by the Scottish Football Association's judicial panel after Rangers lost an appeal against a 12-month transfer embargo on Wednesday.

The former Sheffield United chief executive, who named two members of his Sevco consortium, plans to hold talks with manager Ally McCoist as it aims to retain as much of the current squad as possible.

Several players negotiated clauses in their contracts allowing them to leave for cut-price fees when they accepted significant temporary wage cuts in March, but Green hopes their loyalty to McCoist and the club can keep them at Ibrox.

Green told RangersTV: "My understanding - and I'm going to sit down with Alistair next week when he comes back - is that a number of players reached agreements with the administrators to take reductions in salaries and vary their contracts.

"The payment, shall we say, in agreeing those variations is that they would be allowed to leave at a lower price.

"What I would expect, notwithstanding those agreements are in place, is that these players will have the opportunity to sit down with myself and the manager so that we can explain what the plans are for the club, what we plan to do over the next two or three years.

"Alistair has done a fantastic job this season with a 10-point deduction. To my mind, if we can't sign anyone but we can keep the existing players, why wouldn't we win the league?

"So we need the chance to speak with the players.

"Of course the big problem in all of this is the agents. I think the players respect Ally, they love the club and they have enjoyed playing here.

"I had the fortune - or misfortune as the case may be - of floating the biggest soccer agency in the world a few years ago so I understand the market and I understand the pressure that is put on players by their agents and it is difficult.

"However it is a challenge we will have to face.

"We are going to do whatever Ally wants to do. We are backing Ally and he knows that.

"I have had a number of meetings with him now and he understands where we are coming from and he is very happy, in my view, with what he has seen and heard.

"It's about building up trust. Whether it is the fan on the street or the manager of the club, everyone is suspicious of anyone who comes through these big front doors at Ibrox and I would be exactly the same."

On the SFA sanctions, Green added: "As an outsider looking in, as I have been, I felt that the original ruling was wrong but I felt it would have been difficult for them to over-turn it.

"We have got to now see the written report from the judge and sit down with our legal advisors and see what the best step is for this football club.

"If that remains in force, we understood that there was a likelihood when we made the purchase, then we will deal with it and we will work with Ally and his team to come out of it the best we can."

Green claims to have assembled 20 potential investors and named two of those as Indonesian businessman Jude Allen and Middle Eastern lawyer Mazen Houssami, with a Singapore family trust also included.

He added: "We have got an extensive list of interested parties and that list is growing daily.

"Since the announcement was made, we have had a number of people who were not in my original contact list and some of those are local people that we are speaking to.

"We have visitors today at the club and we had visitors yesterday - all of whom are interested in becoming investors.

"That's great news for me because, first of all, it shows there is a belief that this club can be rescued.

"I can assure fans that it is very easy to raise money, even in this financial market we are in, for an institution like Rangers."

Green earlier revealed he would freeze season ticket prices after talks with fans and that administrators Duff and Phelps had written to Ticketus to terminate its contract, which gave the investment firm the rights to sell £26.7 million worth of the tickets over three years.

Ticketus described the move as a formality after already being informed it would be treated as unsecured creditors in Green's attempts to secure a Company Voluntary Arrangement.

The Northern Irishman spoke about his difficult year in an interview with Real Radio's phone-in host Peter Martin, which will be aired on Monday evening.

Lennon was at the centre of a high-profile court case earlier this year, which saw two men, Trevor Muirhead and Neil McKenzie, jailed for five years for conspiring to assault him by sending parcel bombs to Celtic Park and the club's training ground in Lennoxtown, East Dumbartonshire.

During the trial Lennon told the court he was left "very disturbed" after learning he was a target, along with other prominent fans of the club.

Lennon's close friend, Paul McBride QC, who was also a target, died suddenly while on a trip to Pakistan in March, days before he was to give evidence at the trial.

The Celtic manager and former player, who was a pall bearer at Mr McBride's funeral in Glasgow, said losing his friend coupled with the stress of the court case made for a "tough spell".

He said: "I had a real difficult time when Paul McBride passed away. And there was a spell where, on the Monday it was Paul's funeral and then on the Tuesday I had to go and give evidence in the court case and that was a real tough, tough spell.

"At times you think: is it worth it? You know, all these things that happen to you."

When asked by Mr Martin if he had any moments when he thought about "chucking it all in", Lennon replied: "Yeah. I mean at the end of the day, your personal safety is in jeopardy or you feel it's in jeopardy.

"I was always well briefed by the police and the intelligence officers, so that gave me a lot of comfort through those times but you're just thinking: is it worth living here?

"You know, I love Glasgow. I love the environment. It's been my home for a long, long time. But there is an element to it that lets the city down, you know, lets the country down and the sooner we can eradicate that ... but it's got to come from the home.

"It's got to come from the families and it's all right pointing the finger at schools and this, that and the other, (but) you know as parents we have a responsibility to bring your kids up in the right way."

The decision will come as a crushing blow to the consortium headed by former Sheffield United chief executive Charles Green who had an offer to buy the club accepted last weekend.

Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill that had built up since current owner Craig Whyte took charge at Ibrox in May last year.

Entering administration meant Rangers were docked 10 points - a move that effectively handed the SPL title to Glasgow arch-rival Celtic, which was crowned champion.

However, worse was to follow on April 23 when the SFA hit Rangers with a 160,000 pound fine and the transfer embargo after finding the club guilty of several financial offences.

The SFA also issued a lifetime ban to Whyte from any future involvement in Scottish football.

The administrators immediately appealed the decision saying it could hinder chances of finding a new owner for the club.

Majstorovic, whose contract has ended at Parkhead, is to sign a deal with the Stockholm club until 2014, Celtic has announced on its official website.

Majstorovic, currently recovering from the cruciate ligament injury he suffered while training with the Swedish national side, joined Celtic in 2010 from Greek side AEK Athens.

In his first season with the club he helped Celtic win the Scottish Cup, with a 3-0 victory in the final over Motherwell.

Although this season has been injury-hit, he still made 15 Scottish Premier League appearances as Neil Lennon's side secured the league title.

He made 64 appearances for the Hoops, scoring two goals.

Rangers' administrators took a significant step to securing the club's future this week when they confirmed a deal to sell the club had been signed with a consortium fronted by former Sheffield United chief executive Charles Green.

Green hopes to take the club out of administration through a Company Voluntary Arrangement (CVA) but that cannot be completed before early July.

Players took temporary wage cuts in March, which end on June 1, and some negotiated exit clauses allowing them to leave for a specific fee this northern summer.

And if creditors reject the CVA proposal, Green will push through a newco option that could see players leave for nothing under employment law.

However, the likes of Allan McGregor and Steven Naismith have stressed their desire to stay at the club and Edu is the same.

The United States international has a year left on his contract with negotiations on a new deal halted by the club's descent into administration in February. The club rejected an offer from Sochaux for the midfielder in January.

Edu told the club's online Blues News programme: "It has been a difficult situation lately and difficult circumstances too.

"Although there has been an announcement about a new owner maybe coming in, there is still a little bit of uncertainty.

"We've got guys who are eager to stay here though and with the manager and the staff we've got, that definitely bodes well for the future.

"When you see the way we played at the end of the season, we've got something there we can build on."

The former Scunthorpe striker grabbed a first-half hat-trick, one coming from the spot, as Neil Lennon's men demolished the much-changed visiting side.

Hooper struck twice more after the break, his fifth from a Georgios Samaras cross with three minutes remaining, taking his tally for to the season to 29 and joining Kenny Miller and Kris Boyd in players who have scored five goals in an SPL game.

The romp confirmed Celtic's supremacy this season with Neil Lennon's men finishing on 93 points, one more than last season when it finished second.

Old Firm rival Rangers defeated St Johnstone 4-0, Sone Aluko claiming a second-half hat-trick as the Gers cruised to victory.

And, on the day the football came to an end for now, the Glasgow giant will be hoping for a positive new beginning off the field after its administrator accepted an offer from Charles Green's consortium for the purchase of the club.

Lee McCulloch set the ball rolling at McDiarmid Park before Aluko netted three second-half goals, with the host failing to find the win that would claim a Europa League spot.

Stephen Craigan's final appearance for Motherwell ended in defeat as Dundee United claimed a 2-0 victory at Fir Park.

The Motherwell captain announced his retirement earlier in the week but he could not end on a high as goals from Johnny Russell and Jon Daly secured a comfortable victory for United.

Russell opened the scoring in the eighth minute after Darren Randolph had twice denied Stuart Armstrong and the midfielder turned provider with 10 minutes to go as he laid the ball to Daly to stroke home from close range.

Rangers administrators Duff and Phelps confirmed, on the eve of Rangers's final game of the season, that the group fronted by Green had been given the nod.

In a statement on the club's official website, joint administrator David Whitehouse said: "We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club.

"Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the club and this is expected to be finalised at a creditors' meeting on June 6.

"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors.

"Mr Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners.

"Work on issuing a CVA proposal has already started and will proceed with utmost urgency.

"If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the club on agreed terms, through a newco structure. It is Mr Green's strong preference to achieve a CVA.

"We would like to thank Rangers supporters for their patience as a purchaser for the club has been found and hope they will now support a bid that has the capability to take the club forward.

"We would also like to thank the professionalism and dedication all the staff at Rangers have shown throughout the sale process. Furthermore, we thank again the Rangers players who made a major financial sacrifice to ensure the Club could continue to function."

The 140-year-old club travels to St Johnstone for its final Scottish Premier League match of the season on Monday (AEST) in administration, with one prospective takeover bid having collapsed and the Glasgow side's future uncertain.

McCoist, asked if it had crossed his mind that Monday's game in Perth could be Rangers' last, replied: "It hasn't because I don't believe that will be the case.

"I'm not walking about with blinkers on. My eyes are very much open to the situation," he added.

"But the club has to go on. It will go on - it must go on. I am still of the opinion that our football club will continue with all the history we have had."

American businessman Bill Miller withdrew from the bidding process on Tuesday just days after being named preferred bidder.

Duff and Phelps was hit with a setback when American tycoon Bill Miller withdrew his offer earlier this week within days of being named preferred bidder.

The Blue Knights, fronted by former Ibrox director Paul Murray and more recently spearheaded by Sale Sharks owner Kennedy,has taken its own bid off the table, fearing it is now too late to achieve a successful Company Voluntary Arrangement (CVA) to exit administration.

Administrators said that discussions with two bidding parties were at "a very advanced stage", with one of the groups involved in discussions reported to have links with former Sheffield United chief executive Charles Green.

Kennedy said: "When you have got an institution like this that is at death's door, what is important is deliverability, not just quantum, which is substantial."

"We cannot afford to make another mistake. Duff and Phelps better have a good, credible bid on the table that doesn't fall over."

Kennedy valued their bid at $17.6 million, including $8.8 million up front, conditional on a CVA being agreed by creditors.

He met with owner Craig Whyte last week, where an agreement was reached over the transfer of his 85% shareholding.

Kennedy said: "I know he has had a lot of bad press but he wants Rangers to survive and he agreed to give me his shares."

Kennedy maintains he even approached trucking tycoon Miller - who favoured a newco route - about joining forces with the Blue Knights, adding: "I told him if he didn't want to do a CVA on his own, to come in with us. We will all chip in together."

"He wasn't interested. He wanted to go forward on a newco basis. I knew it didn't work, Paul knew it didn't work. They found out it didn't work a week into the bid."

The Blue Knights' plan involved former Ibrox bosses Walter Smith and Graeme Souness working alongside manager Ally McCoist as part of a football board.

David Whitehouse, joint administrator, said in a statement last night: "The most important information for Rangers supporters is that discussions with two bidding parties are at a very advanced stage and we hope to reach agreement with one at the earliest opportunity."

Kennedy and Murray have also accused Duff and Phelps of "spin" and misrepresenting their bid.

Whitehouse responded: "For the avoidance of doubt some of the comments made at the press conference were grossly misleading."

"I would state unequivocally that every opportunity was afforded to these parties."

"Throughout the process Mr Kennedy told us repeatedly he would be the 'last man standing'."

Whitehouse added: "Time and again he and others have been afforded the opportunity to become the best bid in play and it has not happened."

"We have a statutory duty to accept the best bid that is deliverable."

"The bid should also be commercially better than the liquidation of the business."

"We firmly believe the best interests of the club would be served by all involved in the process respecting the bidding process."

Administration-hit Rangers was fined £160,000 ($256,000) and handed a 12-month transfer embargo by an SFA judicial panel last month after being found guilty of five charges in relation to its financial affairs and appointment of Craig Whyte as chairman.

The appeal panel will be chaired by Lord Carloway with Craig Graham and Allan Cowan also sitting on the hearing.

Duff and Phelps is evaluating three bids after American tycoon Bill Miller withdrew his offer earlier this week, just days after being named preferred bidder, and remains optimistic of a speedy sale.

Joint administrator Paul Clark said: "We have continued discussions today with the parties remaining in the bidding process and good progress has been made.

"We can also confirm that Craig Whyte has confirmed that he will transfer his shareholding in Rangers Football Club to two of the parties and has indicated he would not be an impediment to a sale of the club.

"We will issue a further update for supporters tomorrow and can say that every effort is being made to conclude the sale of the club as quickly as possible."

Press Association Sport understands one of the groups to have agreed a deal to take over Whyte's 85% shareholding is an English-based consortium.

The consortium held talks with Duff and Phelps this week and Whyte is hoping the group can strike a deal to take over the Ibrox club by Friday (local time) ahead of attempts to exit administration through a Company Voluntary Arrangement (CVA).

The new group contains figures who have been in involved at chief executive and chairman level at English Premier League and Championship clubs in the past and Whyte believes they are the only serious bidders.

Lennon told the Evening Times: "Efrain hasn't figured that much this season, even during his loan time at Zaragoza, and it might be best for him to move on and try to further his career elsewhere."

Ng, who has supported the bankrupt Scottish club since boyhood, withdrew his STG20 million ($A32.28 million) offer last month in frustration at the bidding process. But the Hougang United chairman is now back in the race after the preferred bidder, US tow-truck magnate Bill Miller, pulled out over concerns about the club's financial position and anti-American vitriol from fans.

"It is really crazy," Ng told Singapore's Today newspaper.

"There were something like 20 missed calls from Scotland on my phone when I woke up.

"I am now told they are willing to accept 50 per cent of what I had initially offered. It seems they are now more receptive and no longer digging in their heels with unrealistic demands."

British reports say Ng is now competing with two British-based consortiums for the 54-time Scottish champions, who were taken to court over a STG9 million ($A14.53 million) tax bill and then docked 10 points for entering administration.

Rangers was also slapped with a 12-month transfer embargo and fined STG160,000 ($A258,270), while controversial former owner Craig Whyte was fined and banned for life from Scottish football.

According to the administrators, Rangers total debt could amount to STG134 million ($A216.30 million), with the venerable club awaiting the outcome of a tax tribunal case that could cost STG75 million ($A121.07 million).

In announcing his withdrawal, Miller said he had received the message, "Yank go home!" from Rangers fans.

However Ng said he had no concerns about getting similar treatment.

"I've been getting positive feedback from fans there, who know that I'm a lifelong Rangers supporter and have the club's best interests at heart," he told the Straits Times.

Duff and Phelps are evaluating three offers for the Glasgow giant after American tycoon Bill Miller withdrew his offer despite being granted preferred bidder status ahead of a rival bid from Brian Kennedy and the Blue Knights consortium.

Two of the three bidders are new to the process, said co-administrator David Whitehouse of Duff and Phelps, who remains optimistic of progress before Rangers plays its final match of the Scottish Premier League season at St Johnstone on Sunday.

Whitehouse did not wish to contemplate failure to find a buyer.

"It would be a pretty bleak picture," he told the BBC. "But those offers we have on the table and the proposals in place are all capable of being delivered before the end of the season.

"Whether it is likely, we are going to be in a better position to say that by midday tomorrow.

"The structure of deals being discussed vary, but all are working to timetable that they have to be completed by the end of the season."

Whitehouse revealed two of the three would-be purchasers have held discussions with Rangers manager Ally McCoist over player requirements and funding for next season.

Miller favoured a 'newco' route to create what he described as an "incubator" company while Duff and Phelps aimed to take the club out of administration through a Creditors Voluntary Arrangement.

Two of the three bids are planning a "similar" offer while a third favours a straight CVA, having proved to Duff and Phelps they have a means of securing current owner Craig Whyte's shares.

Whitehouse added: "One of the bids is for a stand-alone CVA and there are a number of hurdles which need to be overcome. Our view is that it is challenging, but it is not impossible.

"The purchaser who is talking to us about a stand-alone CVA has demonstrated to us that they have got a mechanism where Craig Whyte's shares are not an issue.

"The key issue is funding the business at the end of the season.

"In a stand-alone CVA there will be a period beyond the end of the season through which the business would need to be funded, to the point where the CVA effectively becomes unconditional.

"After the creditors' meeting there is a 28-day period where technically people could appeal the CVA. There is a level of vulnerability during that period.

"What we are saying to purchasers is if they want to do a stand-alone CVA, they have to put the funding in place to meet that period.

"That again is a period where it would be difficult, not necessarily impossible, but it would be difficult to use season-ticket sales.

"The attached burden is between £2 million and £3 million per month. That isn't a funding loss, that's a cash shortfall."

Miller withdrew after conducting due diligence and described information he received in preliminary discussions as being "more optimistic than reality".

The American businessman also pointed out opposition to his takeover bid by Rangers fans as a reason for his withdrawal.

Whitehouse maintains the club can recover quickly, but was reluctant to reveal more about the three bidders.

"If you wanted to be prudent, it would be quite deliverable to manage a cash scenario which would be break even, during that first year of domestic football," Whitehouse said.

"There are lessons to be learned from the Bill Miller bid. He would have received probably a more favourable response if he had engaged closer with the fans at an earlier stage.

"But I think there is a balance to strike between putting your head above the parapet and becoming involved in what is a very intense media scenario, and actually focusing in the first instance on getting a bid which is aligned to the interest of creditors and is actually deliverable.

"The other parties that we are talking to would not be as reluctant as Bill Miller, in our opinion, to engage more openly once their position is verified."

Further doubt was cast over the survival of the Glasgow giant when preferred bidder Bill Miller informed administrators he was withdrawing his offer.

Duff and Phelps is now urgently evaluating three other bids in the hope of completing a sale before the end of the season.

The events of the last 24 hours have meant further uncertainty for the players, who agreed in March to accept wage cuts of up to 75% until the end of the season.

But Naismith - whose campaign was ended by a cruciate ligament injury in October - remains hopeful of fulfilling his Ibrox contract beyond this term.

Asked if he believed he had played his last game for Rangers, the forward said: "I've not thought about it too much to be honest and, personally, I don't think I have.

"I would like to think there is a team there for the 50,000 who turn up every two weeks and the 100,000 who travelled with the team to a UEFA Cup final.

"All these people need a team to support and, hopefully, at the end of this, there is a team there for them.

"It's not just a job, to come in and train every day and then play your games. It means more to everybody and it has shown in the results.

"I'm contracted to Rangers for the next three years and if the circumstances don't change then that's where I'll be. Definitely."

Naismith was the subject of a failed bid from West Bromwich Albion - reported to be in the region of £2 million ($3.2 million) - which was rejected by administrators last month.

He said: "There was a lot of speculation about it and the manager spoke to me and said there had been a bid made and it had been rejected.

"For me, there was nothing else to deal with, nothing else to do.

"The club had rejected an offer for me and that's fair enough.

"The administrators are there to run the club in the best way possible.

"Although it was flattering that someone would make a bid when I was injured, it was nothing I ever really had to consider as the bid was rejected."

With wages set to revert back to normal in June and administrators yet to find a buyer, it was put to Naismith that Rangers may have no option but to sell its top players come the northern summer.

He said: "Hopefully Rangers don't need to go down that route.

"As players, we want the best for the club. We have shown that in the past with everything that's been put in front of us.

"We decided to take wage cuts because we thought it was best for the club.

"The boys have gone out and performed in the last few months to give the fans something back for all their fantastic work and support.

"There is no one player who is bigger than the club.

"To be honest, unless circumstances change, the players will be right behind the club.

"But if different things come up, there will be decisions to be made. We will just have to wait and see what happens on that front."

Miller's £11.2 million ($18 million) bid favoured a 'newco' route to create what he described as an "incubator" company while Duff and Phelps aimed to take the club out of administration through a Company Voluntary Arrangement.

PFA Scotland chief executive Fraser Wishart believes players may be free to walk away from Ibrox under such circumstances, while boss Ally McCoist wants clarification on the issue of whether players would be obliged to fulfil their contracts or not.

With a 'newco' yet to be ruled out, Naismith was reluctant to be drawn on the subject until he, too, has more information about players' rights.

He said: "To be honest, it's pretty vague. It's all ifs and buts.

"Some people are saying these are the rules and other people are saying differently.

"It's all up in the air, there is no one way that it's going to go.

"The players have shown what they are about by going out and performing when there's not much to play for. They just want a solution.

"Even the boys who weren't Rangers fans before they joined, they have seen what it means to people.

"They become fans. I would say the majority of the squad are now Rangers fans.

"In future, if they were to leave or retire, they will still look at Rangers' results and want them to do well. It definitely means more to the squad than just a job.

"We want the best for Rangers and hopefully that can come at the end of this.

"It's just frustrating that we are not further forward."

Celtic will be presented with the SPL trophy in its final fixture of the season, when Hearts will look to wrap up fifth place ahead of St Johnstone before turning its attentions to its own quest for silverware.

First-team coach Gary Locke told Hearts TV: "They've had a fantastic season. We know how difficult it's going to be.

"We've got to go through there and try to be well organised.

"The boys and the management staff all know what's at stake. If we get a point then we'll finish in fifth place and qualify for Europe. That's what we're looking for.

"Hopefully if we can get a result at Celtic Park that will get us into Europe. That was certainly our aim at the start of the season."

With the William Hill Scottish Cup final against Hibernian following six days later, Hearts boss Paulo Sergio has already hinted at making changes at Parkhead after taking a two-point lead over Saints with victory at Tynecastle last week.

Hearts have a superior goal difference and could therefore finish fifth with a draw at Celtic, even if the Saints beat Rangers.

Miller - who was named preferred bidder last week - informed Duff and Phelps of his plans to withdraw from the process.

"As a consequence of Mr Miller's bid being accepted, three other bidders have come forward to express their interest in buying the club and these offers are being evaluated with the utmost urgency," David Whitehouse, joint administrator, said.

Lennon earned his accolade after taking the side on a 17-match winning run during the course of the season, which saw Celtic claim the SPL title.

Mulgrew's award is his fifth of the campaign after winning votes from Celtic fans and players, his fellow professionals at PFA Scotland and the Scottish Football Writers Association.

Forrest also increased his tally of gongs after being named young player of the year by Celtic fans, as well as claiming awards from PFA Scotland and the Scottish Football Writers.

SPL chief executive Neil Doncaster said: "The Clydesdale Bank Premier League Awards showcases the very best in Scottish football, both on and off the pitch."

"The Clydesdale Bank Premier League is more than just 90 minutes on a Saturday and these awards celebrate the excellent work our clubs do off the pitch to support their local community, develop young Scottish talent and improve the match day experience for fans."

Prizes will be awarded at a ceremony in Glasgow.

The Ibrox club's administrator Duff and Phelps was granted an adjournment to the SPL's vote on financial fair play sanctions until 30 May.

New rules would see greater penalties for clubs in administration and clubs who undergo an "insolvency transfer", which would see them docked 10 points for two seasons and 75% of their SPL income for three years.

The vote was previously adjourned for seven days during which time USA businessman Bill Miller assumed preferred bidder status from the administrator.

Miller plans to move Rangers's assets, including its share in the SPL, players and premises, to a 'newco' whilst the debts of the existing business are dealt with by Duff and Phelps, with the hope that the two companies are merged at a future date.

However, perhaps the most significant thing to emerge from the meeting, at which Rangers was not represented, was that a rule change will see all the clubs vote on whether or not a Rangers newco is allowed into the SPL.

Under current rules, an application for transfer of share to a newco would be ruled upon by the SPL board, which comprises Doncaster, chairman Ralph Topping, Celtic director Eric Riley, Dundee United chairman Stephen Thompson, St Johnstone chairman Steve Brown and Motherwell director Derek Weir.

With an 8-4 voting system being put in place, it would need five dissenting clubs to deny entry to a Rangers newco - an unlikely scenario despite the bad feeling towards the Ibrox club in some quarters.

"What the clubs have agreed to is that any decision on the transfer of share to a newco should go before clubs rather than the board," Doncaster said.

"I think there is a real recognition, particularly from the club representatives on the board, that it puts them in a very difficult situation.

"So the unanimous view of the 11 clubs who were represented in person today was that the right thing to do was let the clubs make that decision.

"Currently the rules state that the decision should be made by the board. The current rules will remain in play until May 30.

"There is 21 clear days' notice to change the rules so there will be a further general meeting on May 30, there will be a rule decision changed to take that decision back to the clubs.

"If an application for a transfer comes in before the 30th May then clearly the board will have to consider that application under the current rules but the board have indicated that they will bring all the clubs together at that point and consult fully with them and take their views on board.

"So ultimately the clubs will have a say."

The Pars conceded three times in the opening 15 minutes as Matt Doherty headed in after five minutes before crossing for Eoin Doyle to make it two six minutes later.

Garry O'Connor converted his 16th goal of the season from the spot after Austin McCann fouled Paul Hanlon, who then volleyed in a fourth after 81 minutes, although replays suggested the strike had not crossed the line.

Defeat leaves Dunfermline eight points adrift of Hibs at the foot of the table, with just one round remaining.

Confirmed as champions several weeks ago, Neil Lennon's men were caught out on by a United side which needed a positive result to seal qualification for next season's UEFA Europa League.

Midfielder Robertson decided the game when he met a Paul Dixon cross to bullet a header past Hoops keeper Fraser Forster midway through the first half.

A much-changed Celtic side struggled to find the momentum to recover and Anthony Stokes wasted its best chance seconds before the interval when he miscued a close-range effort.

Celtic thought it should have had a penalty late in the game when Emilio Izaguirre's cross hit the hand of United substitute Keith Watson but referee Iain Brines correctly waved away their appeals.

Lennon originally made seven changes, bringing back Forster, Mikael Lustig, Glenn Loovens, Charlie Mulgrew, Adam Matthews, Scott Brown and Gary Hooper to the side which beat St Johnstone 1-0 at Parkhead mid-week.

However, Loovens had to withdraw after pulling up in the warm-up with a hamstring injury, his place taken by Norwegian stopper Thomas Rogne, with Cha Du-Ri being added to the bench.

United is now guaranteed a place in Europe next season and its strong goal difference means it will almost certainly finish fourth.

In the day's other game, Hearts beat St Johnstone 2-0 to climb above its opponent into fifth place and go close to clinching a Europa League place for next season.

Rudi Skacel converted Ryan McGowan's cross after 21 minutes for his 16th goal of the season and Andy Webster netted a second after 58 minutes as the William Hill Scottish Cup finalist ended a three-match winless run.

The club had dedicated the match to the fans - with the number 12 jersey to be retired from next season in honour of the support - but the Light Blues faithful left without the win they craved.

As well as taking a point from this clash, third-placed Motherwell also claim the UEFA Champions League spot which has been denied administration-hit Rangers next term.

Rangers had the best of the chances early on but it failed to convert the superior possession into a goal before the break.

The Glasgow giant should have opened the scoring when Sone Aluko's corner was met by Carlos Bocanegra but Andy Little inadvertently blocked the header from finding the back of the net.

Maurice Edu pounced on the rebound but goalkeeper Darren Randolph was up to the task again with another fine save as the match finished goalless.

Jamie Masson and Dean Shiels exchanged goals in either half as Kilmarnock and Aberdeen drew 1-1 at Rugby Park.

Masson netted on the half-hour, applying the finishing touch to a cross from Josh Magennis, with the latter also hitting the post before the break.

Shiels then equalised eight minutes into the second half, scoring with a diagonal finish following a pacy counter-attack and pass from William Gros.

Aberdeen piled on the pressure in the closing moments and forced home goalkeeper Cammy Bell into an important save from Ryan Jack, but the teams had to settle for a share of the points.

Richie Foran's header five minutes from time earned Inverness a 1-0 victory over St Mirren in Paisley.

The Inverness captain rose to head home Greg Tansey's free-kick to ensure the visitor left St Mirren Park with all three points.

Chances were limited throughout the match but Saints had gone closest during the first half - Ryan Esson producing wonderful stops from Jeroen Tesselaar and Steven Thompson.

St Mirren's final home match of the season also marked Hugh Murray's final appearance at St Mirren Park after 16 years' service.

Duff and Phelps opted for an $17.7 million offer from the American tycoon over a bid from former Ibrox director Paul Murray's Blue Knights, which was backed by Kennedy.

Miller - whose plan is to create an "incubator" company while administrators aim to take the club out of administration via a Company Voluntary Agreement (CVA) - hopes to complete his transaction by the end of the season.

Kennedy told the Scottish Sun: "There's no sour grapes on my part, none at all."

"My mission and aim was only to ensure that Rangers were rescued and spared from going into liquidation, that the club's history and tradition remained intact."

"From that point of view, it's very much mission accomplished."

"Mr Miller is a very credible businessman and he's ticked all the boxes from an administrator's point of view. He has already invested an awful lot of his time, money and effort into his bid for the football club."

"Yes, he has endured some very difficult times, but in my experience, the hard times only make you stronger.Rangers are now in good hands and ready to move forward."

"I believe Mr Miller to be a very good man. I would like to wish him, the team and the club every success for the future."

The Ibrox club, which was docked 10 points for entering administration in February, faces Stuart McCall's side in its final home game of the season.

It is likely to be an emotional afternoon for the players, with many expected to head for the exit door at the end of the season despite the club's administrators Duff and Phelps announcing American businessman Bill Miller had been given preferred bidder status for the Ibrox side this week.

And Scotland international Whittaker, who scored in Wednesday's 5-0 defeat of Dundee United, has appealed to the supporters to turn out in numbers for the match.

"It has been the strangest season, I don't think anyone could have imagined anything like this back in July," Whittaker said.

"But it's the circumstance we are in and we've tried to adapt the best we can.

"It has been really tough to play with it in the background the last few months, but the supporters have been absolutely brilliant - they have stood by us and we want the chance to applaud that.

"It will be quite an emotional day for everybody because we have really been through such a difficult time since February.

"The biggest way for us to thank the support is by putting on a decent performance."

Ally McCoist's side clinched second spot in the Scottish Premier League with the win over Dundee United in midweek.

And given the £900,000 ($1.43 million) of a difference between second and third places, it is a position Rangers desperately needed to nail down.

"It's great for us, Whittaker said.

"After going into administration and the 10 point deduction the title really slipped away from us so it was all about consolidating second place and we managed to do that."

"For our own pride as much as anything we wanted to make sure we finished second.

"We were gutted at the way we lost to Celtic and were determined to make up for it."

Rangers will be without captain Steven Davis and Sasa Papac through injury for the match against Motherwell while striker Kyle Lafferty remains suspended for a breach of club discipline.

Old Firm rival Celtic, 1-0 victor over St Johnstone on Thursday, takes on Dundee United on Sunday. Having clinched the championship in early April the Hoops have little to play for and defender Charlie Mulgrew admits the players are already looking ahead to next season.

"I think it's important we do everything we can to prepare for the Champions League qualifiers, that'll be massive for everybody here," Mulgrew said.

"We'll look to do better than this year."

"Next year we'll look to win the league again, and a run in the Champions League would be great, but first we have to prepare right and qualify.

"If we believe in ourselves and prepare right, then we can qualify.

"We just need to see who we get drawn against and take it from there."

Celtic manager Neil Lennon will watch the match from the stands after he was handed a three match ban from the Scottish Football Association for his conduct during the Scottish Cup semi-final defeat to Hearts.

On Monday, Hibernian takes on Dunfermline in a relegation dogfight. The Pars trail Hibs by five points with two games remaining and know only a win will help them avoid the drop to the First Division.

The Irishman, one of seven changes to Neil Lennon's side, struck from close range in the 29th minute after fellow striker Mo Bangura caused confusion in the visitor's defence following a Celtic corner.

Celtic stand-in keeper Lukasz Zaluska saved well from Saints midfielder Murray Davidson just before the break and Bangura struck the post in the second half but the match was generally a poor one as the Hoops eased to victory.

The Hoops boss was handed an immediate three-match touchline ban for confronting referee Euan Norris after his club's Scottish Cup semi-final defeat by Hearts last month.

Lennon, who had just served a two-match touchline ban for criticising referee Willie Collum following Celtic's Scottish League Cup final defeat by Kilmarnock at Hampden in March, received a six-match ban in total, but half of the punishment was suspended until the end of next season.

He said: "All I will say is that I got a fair hearing, I think the punishment is pretty fair as well.

"I expected to be punished. I have apologised to the referee in correspondence and he has responded and he is grateful of that and we move on.

"The judicial panel don't want to be punishing people, but when you cross the line I expected to be punished and I have been and I am going to learn from this.

"I will have a suspension hanging over my head and that is a warning for me.

"If I step out of line again I could get three matches plus and I don't want that."

Stokes, one of seven changes to Lennon's side, struck from close range in the 29th minute after strike partner Mo Bangura had caused some confusion in the visitors' defence following a corner.

In injury time Gary Hooper deprived fellow substitute Rabiu Ibrahim of a debut Celtic goal when, with the Nigerian substitute's close-range shot going in, he helped the ball over the line only to be flagged offside.

Lennon could afford a smile when he said: "I am going to fine Gary for that. I think he should pay a goal bonus to the wee man.

"It looked as if it was going in but Gary is Gary, he wants to be leading goalscorer in the country; let's just say it was instinctive.

"I was very pleased. It was another clean sheet, 24, that's a record. It takes us to 90 points with two games to go and that's tremendous consistency after 92 last season."

Miller is seeking to buy the assets of the club, which could have debts of up to £135 million (A$213 million), and form a new company while bidding to take the current club out of administration.

The club was forced into administration in February over unpaid VAT and PAYE bills accrued since the takeover of Craig Whyte a year ago.

Whyte completed his deal by paying off the club's £18 million (A$28.4 million) bank debt with money sourced against future season ticket sales after buying the 85% stake of Sir David Murray.

Murray had previously underwritten a £50 million (A$78.9 million) share issue scheme after debts reached more than £80 million (A$126.2 million).

The club could face a further tax bill of up to £75 million (A$118.3 million) over the use of employee benefit trusts for a decade.

Miller released a statement through the club which described his opportunity to buy "one of the UK's most venerable football clubs" as a "great honour and privilege".

The American added: "What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty and from what I can see they have been badly let down by a number of individuals.

"This will not happen on my watch should I become the custodian of this great club.

"Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA financial fair play regulations but also such that Rangers will never have to suffer this kind of anguish again.

"From now on, Rangers will live within its means - no excuses."

Miller's £11.2 million (A$17.1 million) plans have been criticised by some fans who fear the end of the club formed in 1872.

The towing-truck tycoon's plans involve merging his new company with the old company at a later date, but that would involve agreeing a Company Voluntary Arrangement and possibly dealing with Whyte.

But the 65-year-old has pleaded with fans to support his plans and insists the history will remain intact.

"I have fought hard to try and offer Rangers a fresh start and I hope all Rangers fans will continue to rally round the club as we endeavour to leave behind this distressing chapter in the club's history," he said.

"Finally, and perhaps most importantly, we have worked hard to ensure that there is no loss of history, no loss of tradition and no liquidation of Rangers Football Club.

"I wouldn't have it any other way."

The tow-truck tycoon was vying for control with the Blue Knights consortium, led by former Rangers director Paul Murray and backed by Sale Sharks owner Brian Kennedy, and now appears to have won the race to succeed Craig Whyte as owner.

Miller last month unveiled plans for an £11.2 million ($17.5 million) bid for Rangers that would create what he described as an "incubator" company while Duff and Phelps bid to take the club out of administration through a Creditors Voluntary Arrangement.

After surviving an early scare, the Gers, who were docked 10 points for entering administration in February, scored three goals in 15 first-half minutes to end the game as a contest by the 20th minute.

Steven Whittaker fired Rangers into a fifth-minute lead before Sone Aluko doubled its advantage with a superb solo goal 12 minutes later.

The Nigerian had his second of the game in the 20th minute and only a combination of poor finishing and good goalkeeping stopped Rangers adding more before the break as it laid siege to the United goal.

Jamie Ness got his first goal of the season in the 57th minute and substitute Alejandro Bedoya added a late fifth to end any hopes Dundee United had of catching Motherwell in third place and qualifying for the UEFA Champions League.

At Ibrox, Rangers made two changes to the side that lost to Celtic, with starting spots handed to Ness and Algerian Salim Kerkar.

United started the game knowing only a win would be enough if it was to catch Motherwell and Garry Kenneth tested Allan McGregor with a 25-yard free-kick that the visiting keeper tipped round the post.

Rangers lined up in an attacking 3-5-2 formation and it did not take long for it to pay dividends.

Rhys McCabe played in Whittaker down the right channel and he curled the ball around Dusan Pernis from 10 yards.

United had the chance to equalise five minutes later when the ball broke to Gary MacKay-Stevens in the box but his fierce strike was tipped over by McGregor.

The home side always looked a threat going forward and Pernis had to be alert to stop McCabe's deflected shot sneaking in before Aluko doubled it lead with a sensational goal.

The Nigerian international went on a mazy run and skipped past a few United challenges before racing into the box and firing past the helpless keeper.

Just over three minutes later, Aluko claimed his ninth of the season when he cut into the box from the right and fended off some hapless challenges to slot the ball into the bottom-left corner.

United made a double substitution at half-time in a bid to get back into the game but it was Rangers who continued to cause problems, with Aluko forcing Pernis into a decent save after racing in to the box.

Ness, in only his fourth appearance of the season, made it 4-0 in the 57th minute when he took advantage of confusion in the United defence to race into the box and calmly finish past Pernis.

American international Bedoya replaced Aluko late on and he added a fifth in the 84th minute when Maurice Edu found him with a neat pass and he beat Robbie Neilson to the ball to stab home from 12 yards.

In the battle to avoid relegation, Inverness secured its top-flight status in a nervy goalless draw that left last-placed opponent Dunfermline with a mountain to climb to escape the drop after second-bottom Hibernian beat Aberdeen 2-1 at Pittodrie.

Hibs broke the deadlock when a Leigh Griffiths cross was turned into his own net by Mark Reynolds after seven minutes and Sean O'Hanlon doubled the lead when he headed home 10 minutes later.

Aberdeen were much improved in the second-half and Scott Vernon pulled a goal back after 53 minutes with a neat finish from close range, but despite a late rally from the host, it was Hibs who held on for a vital victory that leaves it five points above Dunfermline ahead of Monday's clash between the two.

In the night's other game, first-half goals from Paul McGowan and Steven Thompson helped St Mirren to a 2-0 victory over Kilmarnock at Rugby Park.

The Celtic manager admits "deeply" regretting confronting Euan Norris after the William Hill Scottish Cup semi-final defeat by Hearts at Hampden just over a fortnight ago and plans to apologise to the referee.

However, the Northern Irishman, alluding to the furore which followed the touchline bust-up he had with then Rangers assistant manager Ally McCoist at the end of an Old Firm game at Parkhead in March 2011, believes his persona is unfairly represented.

"I saw the greatest manager in the game last night (Sir Alex Ferguson) having a spat with Roberto Mancini and people enjoyed it, enjoyed seeing Sir Alex show that passion, that he was up for the fight," said Lennon.

"I enjoyed it. Two managers sticking up for their own team.

"Has there been a huge public outcry about what happened? No. They talk about a bit of a spat - big deal.

"When we do it up here, it's two pages full and I get singled out, I get demonised, I'm this snarling sort of presence on the touchline.

"I don't think I get a fair deal at times.

"I see it so many times. I have seen managers on the pitch remonstrating with referees before, some of them a lot more experienced than me.

"Yet they don't think they get half of what I get.

"I just think I should be but a bit more slack at times."

The Celtic boss, who has just served a two-match touchline ban for criticising referee Willie Collum following the Scottish Communities League Cup final defeat by Kilmarnock at Hampden in March, has been issued with a notice of complaint accusing him of breaching three Scottish Football Association rules relating to Hearts' 2-1 victory which came courtesy of Craig Beattie's controversial late penalty. Lennon ran on to the pitch to confront Norris over the penalty award, which came when a Marius Zaliukas shot hit the arm of Joe Ledley and then brushed against the hand of Victor Wanyama.

Celtic was then denied a penalty when the ball struck Hearts defender Andy Webster.

"I deeply regret what happened," said Lennon.

"It was an instinctive reaction action born out of frustration more than anything else.

"I know I have to conduct myself better than that.

"I will be sending correspondence to the referee as an apology as well.

"It's one actionable thing that I've done that I shouldn't have done.

"I will go to the tribunal (on Thursday) and hopefully get a fair hearing as I did the last time and take what's coming."

The two other charges Lennon face relate to comments made on Twitter. The Hoops boss tweeted soon after the game: 'Referee told players he thought Wanyama handled...feel so sorry for players and fans..I think it's personal myself.'

He then re-tweeted a comment from a Celtic supporter which suggested the club 'pack our bags and get out of this league that is run by crooked £SFA officials".

Lennon said: "I don't want to talk about that (tweeting) now, I will discuss my case on Thursday.

"At times we do get lost in the game but if you take that away from us, you are going to have robots on the touchline, sitting with their hands in their pockets not doing anything.

"You can't take away the human element from managers, we are human beings at the end of the day.

"There are times we get angry and aggrieved and make mistakes in that aspect of the game but I think I get a rough ride.

"Over the course of the season, up until the League Cup final, there was not one thing I did wrong.

"We had the incident at Ibrox (no further action taken against Lennon after being sent to the stand at half-time by referee Calum Murray) which I have had the hearing for.

"So over the course of the season we are talking about one incident so I don't think I have to change that much but I will temper those actions if I can."

Lennon revealed around half a dozen players will be let go at the end of the season.

He said: "Some of them have been told, not all of them.

"The squad is bigger than we want it to be and hopefully we will be trimming it.

"We want to add three or four quality players and we don't want to clog up the young ones coming through, we want to give them the opportunity."

And Miller would have taken comfort from Neil Doncaster's comments on the subject of newco clubs with the SPL chief executive arguing there was little difference between that route from administration and the Company Voluntary Arrangement preferred by the Blue Knights.

The SPL clubs agreed to adjourn their talks on potential new punishments for clubs which suffer insolvency events until next Monday.

Proposals had suggested increasing points deductions from 10 to the greater of 15 or a third of the previous season's tally, while newco clubs would lose 10 points for two seasons and 75% of their income for three years.

Duff and Phelps would not comment on the outcome of the meeting but the SPL revealed the decision was taken unanimously at the behest on an unnamed club other than Rangers.

Miller wants assurances his new club would not be hit by sanctions and, with an appeal pending over a Scottish Football Association fine and transfer embargo, the absence of an SPL decision provides no further clarity.

But Doncaster admitted any new rules would not come into place until the day after the end of the season, and Duff and Phelps claimed at the weekend that a newco exit from administration could be completed by May 11, two days before the SPL finale.

In that case, the current rules state that the SPL board has the discretion over how to deal with the request for the transfer of a club's share. Further delay on an SPL vote would give Miller even more time.

Doncaster would not speculate on the possible sanctions the SPL board could take and claimed they had been "very much on the fringes" of discussions between bidders and administrators.

"At the point where a preferred bidder comes forward, then you can have meaningful discussions," he told BBC Scotland.

However, the former Norwich chief executive stressed there was "remarkably little" difference in outcomes to a CVA and a newco.

"Clubs can shed a huge amount of debt already," Doncaster said.

"Clubs can theoretically shed £100million of debt, agree a CVA at a penny in the pound and come back in with all that debt shed. Clubs can do that now within the rules.

"Oddly enough you might end up with more money going to creditors through the newco route than through a CVA."

He added: "In Scotland we have never had a newco at any time but in England, whenever a club goes into administration, a newco is the natural consequence.

"That just seems to be the accepted way that clubs now emerge from administration.

"So the likes of Crystal Palace recently and Plymouth in the last few years took their points deduction for going into administration but in terms of coming out the newco was the preferred route.

"Clubs continue over a course of many, many years. The fact that those clubs happen to exist within several different corporate structures over the period of their life, frankly doesn't seem to concern people south of the border."

A recent fans' survey came out overwhelmingly against a new Rangers being accepted into the SPL and even Rangers manager Ally McCoist claimed it might be morally correct for a new entity to start in the Third Division, although he argued his club was a special case.

Doncaster said: "What is that we are trying to stop here? Is it that we are trying to get clubs to live within their means?

"If it is, the way to deal with that is to make sure clubs pay their players and the taxman on time, and if they should go into administration, hit them with a heavy penalty.

"Actually stopping clubs from emerging from administration is another thing entirely.

"Once you talk to supporters and explain the reality of what a newco is and what a CVA is, it does put a different complexion on things."

Doncaster was asked why the SPL did not already have a heavier penalty than a 10-point deduction when the Scottish Football League have demoted teams such as Livingston and Gretna two divisions and deducted 25 points from Dundee.

"The SPL's rules have been pretty consistent with both the English Football League and Premier League on which they are based," he said.

Rangers' liabilities currently total around £60 million (A$93.5 million) but its could face an additional tax bill of up to £75 million (A$116.9 million), depending on the outcome of a tribunal.

Miller's £11.2 million (A$17.4 million) offer was in pole position at the weekend after the Blue Knights and Shale Sharks owner Brian Kennedy were told their bid - reportedly worth £5 million (A$7.8 million) - was unlikely to be acceptable to creditors.

The administrators have previously stressed they need unconditional bids. The Knights' proposal is dependent on a Company Voluntary Arrangement (CVA) being agreed by creditors and the acquisition of Craig Whyte's shares.

Discussions over whether to introduce tough new rules for clubs who go into administration or face the prospect of liquidation were set to take place at Monday's general meeting at Hampden.

However, at a time when administration-hit Rangers is attempting to find a new buyer, the top-flight clubs unanimously agreed to delay talks until May 7.

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 it 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."

The Northern Irishman sat in the stand serving the second of a two-match touchline ban and was delighted with the way the champion dismantled its great rival to go 21 points clear at the top of the Clydesdale Bank Premier League.

Goals from Charlie Mulgrew, Kris Commons and Gary Hooper gave Celtic a comfortable win in what could be the last Old Firm league meeting for several years, if administration-hit Rangers drop out of the SPL, a scenario that could unfold if the Govan club goes into liquidation.

Afterwards, the former Celtic skipper spoke about the different take he has on the fixture from others.

"As a player you would miss them terribly," said Lennon. "As a manager they are horrible. Honestly.

"Even yesterday, there was no real pressure on the game but you are always apprehensive going into it.

"They were three brilliant goals but I am thinking 'I don't want Rangers to score and get back into the game' and everybody else is thinking four or five.

"In the fallout, you boys [the media] will be saying that I got my tactics bang on, my team were up for it and all that nonsense.

"I couldn't ask any more from the team. We played well but I don't buy into the tactical stuff, I got one over him and he got one over me.

"We just won the game and I am thrilled with that.

"But I don't want to see the back of them [Old Firm games], it really whets the appetite."

Lennon, though, is adamant that Rangers should receive the appropriate punishment by the authorities for whatever misdemeanours it is found guilty of committing.

The Ibrox club has appealed last week's decision by the Scottish Football Association to hit it with a 12-month ban on signing players as well as fines totalling £160,000 ($249,000) for breaching regulations.

Video: Celtic v Rangers

The club announced the move on its official Twitter account tonight after the 3-0 Clydesdale Bank Premier League defeat by Celtic at Parkhead.

A brief statement read: "The club has tonight been made aware of racial abuse directed at one of our players. We have reported this matter to the police."

Goals from defender Charlie Mulgrew and midfielder Kris Commons, his first of the season, gave the rampant champion a commanding interval lead.

Striker Gary Hooper scored with a thumping drive soon after the break and it looked for a spell as if the home side was going to hand out a real hammering to the Govan men.

However, three goals were enough for the celebrating Celtic fans, who can brag of a 21-point lead over its old rival, an indication of its superiority this season, even in light of the 10 points Rangers was deducted in February for entering administration.

Kenny McLean's strike kept Hibernian firmly in relegation danger as Pat Fenlon's side slumped to a 1-0 defeat against 10-man St Mirren in Paisley.

McLean finished from the edge of the box midway through the second half and St Mirren survived Marc McAusland's 77th-minute red card without any major scares.

Hibs, without top goalscorer Garry O'Connor, suffered another blow to their survival hopes in injury-time when Lewis Stevenson was sent off.

Trevor Muirhead, 44, and Neil McKenzie, 42, were jailed for conspiring to assault Lennon, former MSP Trish Godman and the late QC Paul McBride, as well as people at the republican organisation Cairde Na hEireann, by sending devices they believed were capable of exploding and causing severe injury.

McKenzie, from Saltcoats, Ayrshire, was also sentenced to 18 months for a separate charge of posting a hoax bomb to Lennon at Celtic Park to make him believe it was likely to explode, which will run concurrently with his five-year sentence.

Muirhead, from Kilwinning, also Ayrshire, was cleared of the charge with a not proven verdict.

Both men were originally accused of a more serious charge of conspiring to murder their targets but it was thrown out a day before the trial concluded due to insufficient evidence.

At the High Court in Glasgow today, judge Lord Turnbull said he could not "fathom" what was in their minds when they decided to send the packages.

He said: "It is incomprehensible that two such family men, in their 40s, would engage in such reckless and serious criminal conduct.

"Even the sending of a package as a bomb hoax would always be a serious offence and would be bound to result in a custodial sentence - that is because of the widespread disruption and anxiety caused by such conduct."

The judge said it was "obvious" he was not dealing with what would be considered "acts of terrorism".

The jury heard that McKenzie told police he learned how to make a hoax bomb after seeing it on the 1980s TV show The A-Team.

Giving evidence at the trial, Lennon said he was left "very disturbed" after finding out he had been targeted. He said he "couldn't believe the lengths some people will go to".

The plot centred on four suspicious packages, all of them non-viable, discovered last spring.

A device sent to Lennon at Celtic's training ground in Lennoxtown, East Dunbartonshire, was intercepted at a sorting office in Kirkintilloch on March 26 last year when a postman spotted a nail protruding from it.

It tested positive for peroxide, which can be used to make explosives.

Two days later a package delivered to Ms Godman's constituency office in Bridge of Weir, Renfrewshire, caused the evacuation of the building.

Liquid inside a plastic bottle within the package tested positive for a small amount of the primary explosive triacetone triperoxide (TATP).

Before the incident, Ms Godman, who was Labour MSP for West Renfrewshire, had been filmed wearing a Celtic strip to the Scottish Parliament, which she claimed was meant to be a private matter.

Also on March 28, a postman tried to deliver a package to Cairde Na hEireann in Glasgow's Gallowgate.

After two failed attempts, it was sent to the Royal Mail's National Returns Centre in Belfast, where it was found to contain potentially explosive peroxide.

The final package, found on April 15 in a postbox on Montgomerie Terrace, Kilwinning, was addressed to the late Mr McBride.

The lawyer, who died suddenly days before he was due to give evidence at the trial, was known to have represented Lennon and Celtic.

The prosecution's case was that even though none of the devices were viable, Muirhead and McKenzie believed they were capable of exploding.

Defence QCs Gordon Jackson, representing Muirhead, and Donald Findlay, who represented McKenzie, said it was "preposterous" that anyone could have believed such a thing.

Lord Turnbull said today: "There was quite simply no relevant sense that it could be said that any explosive material was present. There was also no form of detonator or method of causing ignition."

"There was no risk of injury to anyone beyond the risk of some accidental contact with nails present in the various packages - and these aspects are taken into account in deciding the appropriate sentence."

McKenzie blew a kiss to his family as he was led away from the dock while Muirhead looked at the floor and shook his head.

Both of their sentences will be backdated to May 13 last year when they were taken into custody, after police swooped on their homes in a series of early-morning raids.

When they were convicted last month following a five-week trial at the High Court in Glasgow, detectives who led the investigation condemned the men's actions as "deplorable", while prosecutors said it had been "an act of violence against Scottish society as a whole" and had an impact across the UK.

Lennon said he was glad the "stressful and difficult" ordeal was over, but he wished his good friend Mr McBride had lived to see the matter brought to an end.

The Blue Knights brushed off the loss of Ticketus as a partner by forming a new grouping with Sale Sharks owner Brian Kennedy, who had previously fallen short with solo attempts.

Soon after the new collaboration confirmed tits formal bid, Duff and Phelps revealed an offer from American trucking tycoon Bill Miller.

The Blue Knights' bid is conditional on a Company Voluntary Arrangement being accepted by creditors and acquiring Craig Whyte's 85% shareholding.

Miller, who plans to transfer the assets to a new company, has stated he needs "written assurances" from the football authorities that his new club would be free of sanctions next season. Duff and Phelps previously stressed it needs unconditional offers and joint-administrator David Whitehouse admitted more information was needed to proceed.

Whitehouse revealed Miller's bid, which the American had previously valued at £11.2million ($17.4 million) was "conditional on securing greater comfort and clarity from the football authorities in relation to sanctions".

Rangers was fined £160,000 ($249,000) and handed a 12-month embargo by a Scottish Football Association panel, a punishment the club has appealed against.

Whitehouse said: "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."

More potential sanctions could follow though when Scottish Premier League clubs vote on fair play proposals, which would see a newco club docked 10 points for two seasons and deducted 75% of its league income for three years.

The investment firm had been in talks with Paul Murray, who is spearheading the Blue Knights' bid, over helping to finance a takeover deal.

However, it no longer feels it can justify its involvement to the investors with this week's Scottish Football Association sanctions adding another obstacle to the process.

A statement from the London-based firm read: "Following extensive discussions with the Blue Knights, led by Paul Murray, Ticketus today confirms that it has withdrawn from the Blue Knights Consortium after it was unable to finalise satisfactory terms of agreement for its investors with the Blue Knights around restructuring its ticket purchase agreement.

"Consequently Ticketus is no longer able to play a role in the consortium's bid for The Rangers Football Club PLC at this stage."

Lennon completes his two-match touchline ban when Rangers visits Parkhead on Sunday but there could be more punishment to come after the Irishman was hit with three more charges from the Scottish Football Association yesterday.

The Clydesdale Bank Premier League champion was not affected on Sunday when Lennon was banished to the Fir Park stand as his side won 3-0 against Motherwell.

And he is confident his players and assistants Johan Mjallby, Alan Thompson and Garry Parker will be in the right mood against Rangers as Celtic looks to avenge last month's 3-2 Ibrox defeat, when it had two players and Lennon sent off.

Lennon, who is banned over comments made about Scottish Communities Cup final referee Willie Collum, told Celtic TV's Huddle Online: "Any game that you have to sit in the stand and watch is difficult but we prepared the team very well last week and we'll do the same this week.

"Sometimes you have to trust the players and say `just go and do it`.

"I have got good backroom staff as well in Johan, Alan and Garry.

"They will prepare the players and make sure the players are in the right frame of mind."

Lennon was yesterday accused of three rule breaches relating to his reaction to his team's William Hill Scottish Cup semi-final defeat by Hearts on April 15.

The former Northern Ireland midfielder was hit with a misconduct charge after confronting Euan Norris over his decision to award Hearts a late penalty for handball.

Lennon, who has until Thursday to respond with a hearing pencilled in for seven days later, also faces two charges relating to comments made on Twitter.

Meanwhile, the Celtic boss hopes to field more young players in the final four games of the Scottish Premier League season after teenager Tony Watt netted a double on his debut against Motherwell.

Lennon said: "I was delighted for him. He has looked good in training, he has done well this season and improved very, very well.

"We have had him around the first team for the last two or three weeks and just felt it was a good opportunity to see what he could do.

"Everyone associated with the club and the supporters wants to see homegrown players come through.

"That was a great debut for him and he has a lot to live up to now."

Dylan McGeouch could now feature against Rangers after starring in Celtic's 8-0 win over Queen of the South in the SFA Youth Cup final.

"We hope more will make the step-up next season," Lennon said.

"I'm hoping to blood a few more before the end of this season but we'll just have to see how things go.

"Dylan had an exceptionally good game on Monday and he'll be back amongst the squad at the weekend."

The 12 clubs will meet on Monday to vote on financial fair play resolutions which would have an impact on clubs which go into administration or face the prospect of liquidation - a scenario which has not yet been ruled out for the Ibrox side.

If passed, the new rules would mean a 'newco' Rangers being deducted 10 points for two seasons if accepted straight back into the SPL, as well as seeing league payments slashed by 75% for three seasons.

Smith said: "The sanctions don't include Rangers not being in the league so there is a certain hypocrisy among the whole lot of them there.

"They have a situation where they still want the money that Rangers bring to the SPL but they will try to impose sanctions that will make it impossible for them to be competitive, or as competitive as they should be.

"I think the SPL have to be very careful in terms of how they handle the overall situation in case something similar could happen to other clubs."

The former Rangers manager also warned that relegation from the SPL would be a real possibility for his old club if the Scottish Football Association implement punishments handed down by its judicial panel.

The Glasgow giant has been hit with a fine of £160,000 and a 12-month embargo on registering players over 17 after being found guilty of five charges in relation to its finances and the appointment of Craig Whyte as chairman.

Smith said: "Rangers would be in danger of getting relegated.

"You can't play a team of kids in the SPL and hope to survive, never mind be successful.

"You would be looking at a year where people in the SPL would have a year of Rangers supporters' money going around the country and then they would be faced with, to my mind anyway, a fair chance of getting relegated."

He added: "I don't think we've seen the worst. If the sanctions that were imposed take place, and there are no new owners at the club, then there is obviously worse to come."

Smith called for the football authorities to take into account the reasons for Rangers' financial plight, after it was forced to call in the administrators over an unpaid tax bill accrued since Whyte's takeover.

He said: "If Rangers had been unable to pay their bills, then that would have been one instance to look at for going into administration, which would have been the same as the majority of Scottish clubs who have had that problem over recent years.

"But Rangers, at the end of May last year, had no debt whatsoever due to the fact that the bank debt had been paid off and they were paying all their bills.

"This situation that Rangers find themselves in is not an inability to pay their bills, it was from one person refusing to pay any bills. There is a difference.

"This situation has been created to cause the problem of administration.

"The SFA will need to take that into consideration. It's not a normal circumstance, it's not one where the club had an inability to pay their way.

"It has been the choice of an individual to take the club down that road and that's where there should be a different outlook."

Administrator Duff and Phelps has said the prospect of more sanctions has delayed further its hopes of naming a preferred bidder, with American tycoon Bill Miller and the Blue Knights still in the running to take over the club.

Asked if he felt liquidation was now almost inevitable for Rangers, Smith said: "The longer the situation goes on, it starts to become more inevitable it will happen.

"I don't think there is any doubt about that. I think everybody would like a quick resolution.

"That's one of the things about the sanctions that have been put in place, the timing of them makes it very difficult for the club.

"If there is an [SFA] appeal, when will it take place?

"I read yesterday that it may take place next week but that's a week or 10 days that's lost at a vital time for the administrators to try to find a buyer which, first and foremost, is going to determine where the future of Rangers will lie.

"It's not helping the club overall at this time to have these things going in the background at the same time."

The SFA revealed last night that Strathclyde Police has given security advice to the three members of the independent panel after their identities were revealed.

McCoist had demanded the trio be named after the administration-hit club was handed a £160,000 ($250,000) fine and a 12-month embargo on signing players for bringing the game into disrepute since owner Craig Whyte's takeover last May.

In a statement, McCoist said: "I would not for one moment want anyone to interpret my remarks as a signal to engage in any form of threatening behaviour.

"Such activity disgusts me and anyone who engages in it does Rangers Football Club nothing but harm. No Rangers supporter should get themselves involved in it - not now nor at any time."

The administration-hit Glasgow giant was handed a £160,000 ($249,693) fine and 12-month embargo on registering players aged over 17 by the panel after being found guilty of five charges in relation to its finances and the appointment of Craig Whyte as chairman.

An SFA statement read that the three panel members in question had been subjected to 'abusive and threatening communication' after their identities were 'compromised'.

A Scottish FA spokesperson said: "We are deeply concerned that the safety and security of Judicial Panel members appointed to a recent Tribunal has been compromised by a wholly irresponsible betrayal of confidential information.

"The Judicial Panel consists of volunteers from across the spectrum of sport and business in Scotland. They are appointed on the basis of anonymity yet all three panel members have reported intrusion into their personal and work lives, including abusive and threatening communication.

"This has been extended to directors of the Scottish FA, whose private details have been published on internet sites and who have, themselves, been victims of abusive communication.

"This culminated tonight in a visit by Strathclyde Police, who are taking seriously the threats made towards the individuals involved. We are thankful for their advice and support in these matters"

Rangers manager Ally McCoist earlier claimed the judicial panel's decision could 'kill' the club and called for the three members to be named.

McCoist told Rangers TV: "Who are these people? I want to know who these people are.

"I'm a Rangers supporter and the Rangers supporters and the Scottish public deserve to know who these people are, people who are working for the SFA.

"Make no mistake about it, this is an SFA decision.

"They have appointed the panel so therefore they are working for the SFA, but who are they?"

The Ibrox boss added: "In terms of our supporters, again they have received another kicking and we just feel it's time to start fighting back.

"You can guarantee we will be fighting back."

Rangers fans' groups have raised the prospect of protests outside Hampden and boycotts of SFA sponsors, while calling on players to boycott the national team.

SFA chief executive Stewart Regan earlier clarified the disciplinary process, saying the judicial panel tribunal, which sat in a three-day hearing last week, was an independent body made up of three members appointed from a list of more than 100.

Regan stressed the process was approved unanimously by member clubs last year and the SFA had acted on the advice of clubs to implement a 'robust disciplinary system that reflected the demands of the modern game'.

Rangers' administrators have called for an immediate appeal hearing as they challenged the punishment, which they say has undermined attempts to sell the club, and Regan said the SFA would act with 'integrity and the best interests of the game at heart'.

The bulk of the monetary punishment and the transfer embargo came for a disrepute charge which apparently centred on the non-payment of tax since Whyte took over in May last year.

Lennon has been unveiled as one of the three nominees along with Motherwell's Stuart McCall and Derek Adams at Ross County, with the winner set to be announced on 6 May.

The Hoops boss has already guided Celtic to the Scottish Premier League title with games to spare and Hoops midfielder Wanyama believes he should pick up the prize, which is voted for by his fellow managers.

He said: "For me, he deserves it. He has been outstanding this season.

"He has worked hard for the team and I think he should win it.

"He is a big motivator. He has passion for the game and it's easy working for him."

Lennon has had a number of run-ins with the Scottish Football Association this season.

Asked if he felt the manager's 'passion' is misinterpreted at times, Wanyama said: "For us, we don't think he gets angry.

"It's just the passion. He just loves the game so much."

The SFA confirmed Calum Murray will referee this weekend's Old Firm derby after Craig Thomson was forced to pull out of the clash due to family reasons.

Murray also officiated the last meeting with Rangers, which saw Lennon sent off at half-time and Wanyama, Cha Du-Ri and Ibrox defender Carlos Bocanegra all handed red cards.

However, the Kenyan has no issues with the referee officiating this weekend's game at Celtic Park.

Speaking on Radio Clyde, he said: "I don't want to comment on the referees.

"I know for sure the referee will come and have a good game so I don't want to make any comments about the referee."

However, Wanyama was keen to stress he is not a dirty player despite his challenge on Steven Whittaker which led to his dismissal in the 3-2 defeat at Ibrox last month.

He said: "I was just unlucky because my timing on the tackle was wrong.

"But I am not a dirty player, I am not someone who is always going to injure other players. I just missed my timing.

"Come Sunday, it will be a different game and hopefully I will have a good game."

Wanyama believes Celtic will have a point to prove this time around after losing the last derby.

He added: "We are looking forward to playing this game. We are happy to have another chance to prove ourselves.

"I know we lost the last time but hopefully this weekend we will get the three points so we will be working hard.

"You saw what happened before and we are going to try to have less mistakes."

The 25-year-old was ruled out for the rest of the campaign after suffering anterior cruciate ligament damage in a Scottish Premier League game against Aberdeen in October.

Boss Ally McCoist revealed on Friday the forward was given the all clear by his surgeon last week but Naismith is unsure whether he will return to action ahead of the final game at St Johnstone on 13 May.

He told Blues News: "Things have gone well and I've upped my training now so that I'm doing the majority of things.

"I've not done a lot of contact stuff with the physios or the other boys who are coming back from injuries as that's the next stage.

"I'm hopeful I'll be back training normally before the end of the season but we'll need to wait and see if I get game time or not.

"From a professional point of view, it's probably safer to wait until next season but I've missed it for so long and I'm dying to get back on the park again.

"You never know but the physios will have the final say. So far it has been great but we've a bit to go yet."

Naismith suffered a similar injury to his other knee in 2008, which kept him out of action for eight months.

And, having successfully overcome that setback, he sees no reason why he cannot return stronger from this latest injury.

He added: "I'm going to work hard to get back to where I was and I'm hopeful I can score more goals and take more of the chances I get.

"I want to come back as a better player than I was. That was the case after my first operation and it's no different this time.

"I certainly think I'll be coming back properly at a good time in pre-season.

"I'll be fairly fit, perhaps even at a better level than everyone else as they won't be match fit.

"There is still work to be done and I'll be looking to get my sharpness back because with these kinds of injury, you need to put a lot into it.

"When I return, I'll probably stay back and do more extra sessions because the key for me now is kicking on again."

The Glasgow giant has been hit with a £160,000 ($249,988) fine and 12-month embargo on signing players aged over 17 after being found guilty of five charges in relation to its finances and the appointment of Craig Whyte as chairman.

Administrators Duff and Phelps have requested an immediate expedited appeals process, saying the punishment could further hamper their hopes of naming a preferred bidder.

McCoist fears the SFA sanctions could prove to be the fatal blow to the stricken club's hopes of survival.

He told www.RangersTV.tv: "Plain and simply, I think it is an absolutely shocking decision.

"Like everyone else involved - our team, our supporters, our staff and a lot of neutrals - I am staggered at the severity of the punishment.

"This decision could kill our football club, simple as that. Make no mistake about it.

"This panel is not totally to blame for the death of our football club, if it happens, but this particular decision could kill our football club.

"You would hope there would be sympathetic ears within the SFA over an appeals process, but you just don't know what is coming next.

"It is complete and utter guesswork."

McCoist also called for the three members of the judicial panel tribunal to be named, while claiming the SFA must share responsibility for the verdict with the independent body.

He said: "I found out the decision last night and I was shocked and absolutely appalled by the way this supposedly independent judicial panel was coming down on us in this form.

"Who are these people? I want to know who these people are.

"I'm a Rangers supporter and the Rangers supporters and the Scottish public deserve to know who these people are, people who are working for the SFA.

"Make no mistake about it, this is an SFA decision.

"They have appointed the panel so therefore they are working for the SFA, but who are they?

"I think we have a right to know who is handing out this punishment to us, I really do."

The Ibrox boss added: "In terms of our supporters, again they have received another kicking and we just feel it's time to start fighting back.

"You can guarantee we will be fighting back."

The Scottish Premier League is set to meet on Monday to vote on financial fair play proposals relating to clubs in administration and clubs who face the prospect of liquidation.

And McCoist admits, as a result of tougher sanctions which could be imposed by both the SFA and the SPL, he is now more open to the idea of a 'newco' Rangers playing in the Third Division, rather than re-applying to the top-flight.

He said: "Some fans have been suggesting this and I am leaning towards it myself.

"Make no mistake about it, it would be an unbelievably drastic measure and it will have an incredible impact on Scottish football - and not for the good.

"But if they are going to continue to impose sanctions on us and make things extremely difficult for us to defend ourselves then maybe, just maybe, it might be the right thing.

"We are hanging by our fingertips. We're really at the do-or-die stage and I can't reinforce that opinion enough.

"This is unbelievably serious. We do not have any time and we now have a problem where we must appeal this but that again is going to take time which we don't have."

McCoist also wants answers over outstanding issues relating to Whyte's takeover of the club last May, which was completed with the help of money from investment firm Ticketus, which was used to clear bank debt.

He added: "The people within the club - the supporters and the staff - deserve answers and I believe there is a police inquiry going on into the purchase of our football club.

"As a supporter, I want to know about that. I want to know the results of the inquiry and about the dealings with Ticketus, Craig Whyte and Lloyds Bank.

"I certainly want to know about the dealings with one or two members of the previous board and what their involvement was.

"We need answers, we deserve answers and it's time we got them."

Rangers received its registration embargo and a £100,000 ($156,243) fine for bringing the game into disrepute, a charge which appears to relate to unpaid taxes accrued since Whyte took control of the club.

His withholding of tax payments sparked Rangers' descent into administration in February, with the bill now more than £14 million ($21.88 million).

McCoist is furious Rangers is being punished for what he claims are the actions of one individual, with Whyte indicating he has no intention of paying his own fine.

McCoist said: "I think Mr Whyte had been fined £200,000 ($312,502).

"Call me an old cynic but I would like a phone call from Mr Regan (SFA chief executive) when he receives it.

"He has also been banned for life from being involved in any Scottish football club.

"Again, call me an old cynic but I don't think he will be taking any sleeping pills to get to sleep tonight.

"We are suffering from the actions of an individual - the playing staff, the workforce within this great football club.

"That's the reason we are being punished - there is no other reason.

"It seems as though the non-payment of PAYE is the main bone of contention.

"None of us were aware that this was not being paid, everyone was stunned when we learned this.

"Deductions were made from the salaries of everyone at the club and no-one at the club did anything wrong, to my knowledge.

"But we have been made to suffer for it - it's an incredible situation.

"There are already one or two nails in our coffin - through no fault of this judicial panel and indeed the SFA - but this might be the final one."

Rangers' administrators warned the SFA that the sanctions could have a detrimental effect on Scottish football as a whole.

Duff and Phelps claim news of the punishment could delay further their attempts to named a preferred bidder to take over the administration-hit club, with American businessman Bill Miller and the Blue Knights both still in the running.

David Whitehouse, joint administrator, said: "We have today written to the chief executive of the Scottish Football Association requesting an immediate expedited appeals process over the sanctions imposed on Rangers by the Association's judicial panel last night.

"The decision of last night's judicial panel is in our opinion quite extraordinary.

"Not only in our opinion do the panel fail to have properly apportioned culpability between the club and Craig Whyte, they appear to have rendered a penalty which could have a very detrimental effect on the ability of the administrators to achieve a sale of the business or a Company Voluntary Arrangement.

"This, in turn, cannot be in the interests of Rangers Football Club or Scottish football in general."

SFA chief executive Stewart Regan said: "The sanctions imposed by the judicial panel tribunal last night are subject to appeal.

"As the Scottish FA is the appellate body, it is inappropriate to discuss the findings of this particular tribunal at this stage.

"I can fully understand the fear and frustration felt by all Rangers fans throughout the most difficult period in the club's history.

"The Scottish FA has a responsibility to all its members and must implement its rules without fear or favour."

Lafferty was suspended for two weeks for failing to report for last weekend's Scottish Premier League clash against Hearts, which Rangers won 3-0.

Asked if Lafferty - who has been troubled by injury - could work his way back into his plans, McCoist told Blues News: "Of course, absolutely.

"I obviously have a problem with him at the moment but the one thing I will never do as a manager is hold grudges.

"I appreciate people do make mistakes and nobody made more of them than me as a player.

"But you have to learn from them and I have told Kyle on numerous occasions that now is the time he has to start learning.

"We all think he is a smashing lad and we all know the talent he has got but we want to see it at this club.

"If it's not at this club, he's running out of time for it to be somewhere else."

The 24-year-old will miss SPL games against Celtic, Dundee United and Motherwell.

And McCoist is furious that Lafferty's latest indiscretion has come at a time when the administration-hit club is dealing with a number of off-field problems.

He said: "There was unfortunately yet another breach of discipline from Kyle and, as you can imagine, it's absolutely the last thing we needed.

"He was in the squad to travel (to Edinburgh) and we were due to leave on Friday to go through to Tynecastle.

"But there was a failure to show for the travelling party. I phoned him and left a message because I couldn't get him and I asked him to get back to me.

"He didn't do that so I felt there was no other action to take and I didn't take that action lightly.

"We have had to take the action of suspending him and he has obviously taken his medicine. He has taken advice from the PFA and I spoke to his representative.

"I also know his agent and his previous agent have been speaking to a Championship manager down south, which I'm not sure is allowed.

"I think he has been winding us up the wrong way and the supporters and, certainly, the players deserve a lot, lot better from one of their own.

"We have a great set of boys and you don't want to disrupt them but those lads in that dressing room deserve better.

"I am really disappointed in Kyle's actions and sadly the thing is it's unfortunately not the first time."

The former Burnley forward, who joined Rangers in the northern summer of 2008 for a fee of more than £5 million ($7.82 million), is out of contract at the end of next season.

But Lafferty, who has scored 38 goals for the club, is likely to have secured an exit clause to allow him to leave for a specific fee this northern summer after agreeing to temporary wage cuts with the rest of his team-mates last month.

Players are due to revert to their original contracts on 1 June with doubts continuing over the prospect of administrators Duff and Phelps naming a preferred bidder in the coming days.

The club would not expand on the reasons for the punishment but reports today claimed he had failed to report for the weekends Bank Premier League clash against Hearts, which Rangers won 3-0, after being troubled by a hernia problem.

The Northern Ireland international came off the bench in the previous game, a 3-1 win over St Mirren two weeks previously.

Speaking on Friday at the club's pre-match media conference, McCoist said: "Obviously Lafferty hasn't done a lot of training again but we'll have to wheel him out.

"He is basically just getting by game to game."

However, Lafferty was not among the 18 players who were stripped for the Tynecastle clash.

Rangers later confirmed on their website that Lafferty had been suspended for a "breach of discipline".

The article referred to a "fall-out between the Northern Ireland striker and manager Ally McCoist ahead of Saturday's game at Hearts".

It continued: "Lafferty has been struggling with hamstring and groin problems since the start of 2012 after being plagued by back issues in the second half of last year."

The 24-year-old will miss SPL games against Celtic, Dundee United and Motherwell.

The club added: "Although he could be available for the friendly game at Linfield and the final SPL fixture at St Johnstone, he is lacking fitness and is therefore unlikely to be picked."

Lafferty's Ibrox career now looks to be at an end. The former Burnley forward, who joined Rangers in the northern summer of 2008, is out of contract at the end of next season.

But Lafferty, who has scored 38 goals for the club, is likely to have secured an exit clause to allow him to leave for a specific fee this northern summer after agreeing to temporary wage cuts with the rest of his team-mates last month.

Players are due to revert to their original contracts on June 1 with doubts continuing over the prospect of administrators Duff and Phelps naming a preferred bidder in the coming days.

Administration-hit Rangers has also been fined a total of £160,000 ($249,904) while Whyte, who had already been deemed unfit to hold an official position in the game by the SFA, was handed fines totalling £200,000 ($312,380).

The SFA said its judicial panel would issue reasons for its findings in 'early course' while both parties have three days to appeal after receipt of those reasons.

Whyte was defiant when asked for his reaction to the punishment on him and Rangers.

He told Press Association Sport: "Tell me how it is going to affect me? I couldn't care less. It makes no difference to my life whatsoever - and good luck collecting the money.

"It's a joke.

"It is very harsh on Rangers. I am surprised at how harsh the SFA have been on a club which is going through tough times at the moment.

"Stewart Regan (chief executive) and Campbell Ogilvie (president) should resign and get out of Scottish football.

"The SFA want to kick Rangers when they are down and I hope people remember that. They are playing to the media."

Duff and Phelps, joint administrators of Rangers Football Club, condemned the ruling as 'draconian' in a statement.

Paul Clark, joint administrator, said: "All of us working on behalf of the Club are utterly shocked and dismayed by the draconian sanctions imposed on Rangers in respect of these charges.

"It appears that on one hand the disciplinary panel accepted our central argument that responsibility for bringing the Club into disrepute lay with the actions of one individual - Craig Whyte - as is evident from the unprecedented punishment meted out to him.

"During this hearing the Club produced compelling evidence from a number of sources that following his takeover, Craig Whyte ran the Club in a thoroughly unaccountable manner, rather than adhering to a long-established and proper form of corporate governance.

"The thrust of the charges against the Club focused on non-payment of payroll taxes and evidence was produced that all such decisions in this area were taken by Craig Whyte during his tenure.

"Given this evidence, it is difficult to comprehend that the disciplinary panel has seen fit to effectively punish the Club even more heavily than Mr Whyte. As everyone knows, it has already been decided he is not a fit and proper person to run a football club and any further punishment on him will have little or no impact.

"However, for Rangers, a ban on signing players will seriously undermine the Club's efforts to rebuild after being rendered insolvent.

"Furthermore, we do not know how bidders for the Club will react to these sanctions and what affect they will have on their proposals.

"The Club has asked for full written reasons for these decisions and intend to appeal against the findings."

Rangers received its registration embargo and a £100,000 ($156,190) fine for breaching rule 66 - bringing the game into disrepute.

It received a £50,000 ($78,093) fine for going into administration and was fined £10,000 ($15,619) for failing to 'procure' that Whyte acted within rules concerning fit and proper officials. The Gers chairman failed to notify the SFA that he had been disqualified as a director for seven years in 2000.

Rangers' fines are payable within 12 months.

Whyte was fined £50,000 for bringing the game into disrepute but a charge of not acting in an improper manner and against the interests of football was not proven and was handed three more identical fines on separate counts of failing to follow directions from an SFA tribunal.

Whyte, who has been told to pay his fines within 30 days, was also expelled for life from 'any participation in Association Football in Scotland'.

Rangers faced six charges in all and was found guilty of five. Charges that it had failed to abide by rules concerning fit and proper officials were not proven.

The club was also found guilty of acting in an improper manner/against the best interests of football and also of failing to pay Dundee United gate receipts from its Scottish Cup meeting. It was 'censured' on both counts.

The ban on registering players in particular will cast doubt on the prospect of administrators achieving a sale of the club.

However, American Bill Miller earlier stated he was 'moving forward' with his bid, which involves buying the club's assets and transferring them to a new company, and he said he had held discussions with the SFA on Tuesday.

Miller's bid was dependent on the club receiving no penalties next season with the SPL meeting next Monday to vote on financial fair play proposals.

Administrators Duff and Phelps earlier said that both Miller and rival bidders the Blue Knights had raised their 'strong desire to attain greater clarity on potential footballing sanctions' with such issues remaining to be resolved.

The club has been in administration since 14 February, when it was forced to take insolvency action after court action from Her Majesty's Revenue and Customs. Its debts could reach £134 million ($209.29 million), according to a report from Duff and Phelps.

Duff & Phelps said on Friday that they would look to proceed with USA businessman Bill Miller's £11.2million ($A17.5 million) bid on Monday if no other offers were forthcoming.

However, the Blue Knights consortium, led by former Ibrox director Paul Murray, are back in talks over submitting a fresh proposal and, in broad terms, both bidders have asked for more time to look at issues such as funding and potential sanctions.

The Blue Knights were in line to become preferred bidders more than a week ago but could not immediately pay the £500,000 ($A781,832) exclusivity fee and then stepped back after discovering potential partners Ticketus was negotiating with Bill Ng's Singapore group, who has since withdrawn.

Ticketus, the London-based investment firm whose money helped Craig Whyte buy Rangers from Sir David Murray last May, are owed £26.7million ($A41.7 million) by the club but they, like Whyte, have been ignored by Miller.

The towing tycoon's plans involve transferring assets to a new company and trying to achieve a CVA (company voluntary agreement) with the existing company.

However, there remain huge questions over his bid given it is dependent on receiving written assurances from the football authorities that a new Rangers would not be punished next season.

The Scottish Premier League clubs are due to vote on April 30 on proposals that would see 'newco' clubs deducted money and points for several seasons.

Duff & Phelps, who has previously stated it requires unconditional bids, will release an update statement later on Monday.

The 18-year-old, signed from Airdrie last year, replaced Pawel Brozek in the 59th minute and scored his first just over three minutes later when he volleyed in Victor Wanyama's cross.

Watt grabbed his second in the 66th minute, sending a low, angled drive into the bottom-left corner to mark a memorable start to his Celtic career.

Korea Republic international Cha Du-Ri rounded off the win when he headed in substitute Paddy McCourt's cross in the 83rd minute.

The win keeps the Hoops 18 points clear of second-placed Rangers ahead of next weekend's Old Firm derby at Celtic Park.

Celtic assistant manager Johan Mjallby was very satisfied with his team's showing.

"I thought it was a very good performance. Although it was goalless in the first half, I felt we created chances," Mjallby said.

"We got the first one and then we grew from that. It was a sensational debut for Tony."

Motherwell coach Stuart McCall felt his side had competed well with the champion.

"At half-time we were still well in the game. It was an open game and they had chances and we had chances," he said.

"It was a disappointing result and not what we were looking for but we've got four huge games still to go."

Kilmarnock defeated Hibernian 1-0 in the day's other game.

The Edinburgh side headed into the match at Tynecastle boosted by last weekend's win over Celtic, which allowed it to book its place in the Scottish Cup final against city rival Hibernian.

A Sone Aluko goal and an Andy Little double sealed the win for administration-hit Rangers, while a penalty miss from cup hero Craig Beattie only added to Hearts' despair.

Andy Kirk headed a late equaliser as Dunfermline came from two goals behind to give its slim survival hopes a lift in a 4-4 thriller with St Mirren.

Steven Thompson struck a hat-trick to leave the Pars staring at another defeat but Liam Buchanan's wonderful strike gave Dunfermline hope and substitute Kirk converted two minutes from time.

Dunfermline had earlier fought back well from Nigel Hasselbaink's early opener when Jordan McMillan netted his first senior goal in some style.

Striker Thompson headed home either side of the interval to give St Mirren the first of its two-goal leads but David Graham kept Dunfermline in it before the late drama.

The draw leaves bottom club Dunfermline six points behind Hibernian, which hosts Kilmarnock on Sunday afternoon (Monday morning AEST), but it can take some hope from its spirit.

Two own goals were enough to send Aberdeen up to seventh with a 2-0 win at Inverness.

After a goalless first half, defender Roman Golobart headed into his own net 48 seconds after the restart.

Fullback Kenny Gillet doubled the lead with a minute to go when Josh Magennis' shot rebounded off goalkeeper Jonny Tuffey on to the Frenchman and across the line.

Dundee United moved into fourth place after a 2-0 Tayside derby victory over 10-man St Johnstone at McDiarmid Park.

Scott Robertson scored after 32 minutes and John Rankin in stoppage-time as United leapfrogged its host to move within three points of third-placed Motherwell, which meets Celtic on Sunday afternoon (local time), meaning UEFA Champions League football is a realistic prospect at Tannadice next term.

The Straits Times said Ng has released a statement in which he says he has become "increasingly uncomfortable and frustrated with the process of dealing with club administrators" but could relaunch his bid if Duff and Phelps fail to strike another deal.

Ng's decision leaves American Bill Miller as the most likely candidate after Brian Kennedy had a verbal offer rejected and the Blue Knights announced they were stepping back from the process.

Rangers faced five charges and Whyte two with the SFA's judicial panel hearing the third and final day of evidence and submissions on Friday.

The SFA said: "The judicial panel have advised that, due to the schedule of evidence and final submissions in respect of the tribunal involving Rangers FC and Craig Whyte, there will be no announcement of determination today.

"The panel chairman has advised that a period of deliberation will follow today's hearing, with an announcement anticipated in early course next week."

The Scottish Football Association (SFA) confirmed it had imposed an immediate two-match ban on Thursday for Lennon's comments following Celtic's 1-0 defeat by Kilmarnock at Hampden Park on March 18.

Lennon was equally outspoken after his side, which went on to clinch the Scottish Premier League title, suffered a 3-2 defeat to arch rival Rangers the following weekend.

But as he was sent to the stands during that game, the SFA released a statement reading: "The tribunal imposed no further sanction on the basis that the half-game served out with the technical area was sufficient".

Former Celtic and Northern Ireland midfielder Lennon was banned for "making comments in an interview which criticised the performance of a match official in such a way as to indicate bias or incompetence".

However, Lennon accepted a misconduct charge relating to dissent and adopting an aggressive attitude towards a match official after clashing with fourth official Iain Brines at Ibrox, where he was banished to the stands at half-time.

A Celtic spokesman said Thursday: "We can confirm that we are satisfied with the fairness and spirit of the hearing today and that no appeal will be made against the findings or sanctions."

This decision means Lennon will sit in the Fir Park stand when Celtic faces Motherwell on Sunday and be absent from the technical area in another Old Firm game, when Rangers visits Parkhead on April 29.

However, he could yet face three more charges relating to separate incidents.

Kennedy, who already owns English Premiership rugby club Sale, saw a previous offer to take control at Ibrox rejected last month.

However, he said he would return with another bid if he felt the club's future was in jeopardy.

Kennedy has now contacted administrators Duff and Phelps with a fresh bid.

Kennedy told Thursday's Scottish Sun: "I have made a substantially improved verbal offer and am waiting for the administrators to come back to me."

This week the Blue Knights group, fronted by former Rangers director Paul Murray, appeared to take a step back from the bidding process and so leaves the path clear for a straight contest between two businessmen, American Bill Miller and Singaporean Bill Ng, for control of Rangers.

But despite optimistic words from the administrators that a deal could be done this week, a lack of unconditional offers appears to be delaying any possible sale.

Meanwhile Murray told the Daily Record the Blue Knights could reactivate its bid if the club continues to linger in the limbo of administration.

"On Monday I made it clear that, in the best interests of the club, the Blue Knights were prepared to take a step back from this process," Murray said.

"We did so because we did not want to further delay the absolutely crucial task of selecting a preferred bidder.

"But we also made it clear our offer was still on the table.

"Now, in the light of the lack of activity over the subsequent 48 hours, I am reconsidering our position.

"This situation has to be resolved with maximum urgency as we are now heading beyond the point of no return.

Administrators were called in to Rangers on February 14 after British tax authorities went to court to seek payment of an unpaid bill of STG9 million ($A14 million) built up since owner Craig Whyte took charge at Ibrox in May.

That meant Rangers was docked 10 points - a move that effectively handed this season's Scottish Premier League title to arch Glasgow rival and recently crowned champion Celtic.

However, the administrators released a report earlier this month saying Rangers' total debt could amount to STG134 million ($A208.4 million) with the club awaiting the outcome of a tax tribunal case that could cost them STG75 million.

Wishart has warned administrators that any bidder looking to transfer the club's assets to a 'newco' could find themselves losing players.

Wishart has also urged Duff and Phelps to speed up the process of appointing a preferred bidder amid frustration among his members, who took wage cuts of up to 75% last month.

Duff and Phelps had been expected to award exclusivity to one bidder last week but there have been several twists and turns since then with Brian Kennedy re-entering the race and the Blue Knights consortium stepping back from the process before having second thoughts.

US businessman Bill Miller, who remains in the frame along with a Singapore-based group, is believed to favour liquidating the club, whose debts could reach £135million, and any newco could start the season with a 10-point penalty and lose 75% of its income under Scottish Premier League proposals.

Wishart said: "There has been a lot of chat about possible transfer from old Rangers to a newco and discussions about the implications in terms of creditors and football regulations, points penalties and financial penalties.

"One of the things that has been forgotten about is our members.

"It's not necessarily the case, in our opinion having taken legal advice, that the players have to go across to a newco.

"Should a newco be formed the players do not have to go across."

Wishart pointed to employment laws, namely paragraph 4.7 of the Transfer of Undertakings (Protection of Employment) Regulations 2006, which protect employees if a company's assets are transferred to a new firm.

"They have the right to object to that transfer," said Wishart, who has not yet discussed the issue with the Scottish Football Association.

"There may well be complications in terms of FIFA regulations and football regulations.

"I don't think the football authorities have any right to force someone to go and work for a new company should they not wish to.

"And it will be a new company, whatever it is dressed up as.

"Our position I think will be supported by the football authorities."

Wishart added: "If players do go across their contracts are protected. The newco would have to take their whole contract, wages, terms and conditions. They may all wish to go across.

"The players are aware of their individual rights but none of them have come back to me. I don't think anyone is actively searching for a way out.

"But we are hitting real tight time deadlines. In three weeks' time the season finishes, players go on holiday.

"They don't know whether they are coming back, some of them who are out of contract. They don't know what state Rangers are going to be in.

"There is a lot of talking to be done and the players are getting frustrated.

"I think it's so important, given the size of the debts Rangers have, that someone is given exclusivity as soon as possible."

The Sale Sharks owner saw a previous bid rejected last month for being too low but said at that time he would return to the table if he felt the club's future was in jeopardy and yesterday he contacted administrators Duff and Phelps.

Kennedy confirmed he had made the new "substantially improved" offer in the Scottish Sun and he also urged administrators to make a decision soon.

"I have made a substantially improved verbal offer and am waiting for the administrators to come back to me," he said.

"Whether they go the Paul Murray and Ticketus route or my way, I would implore them to act swiftly.

"We're both coming at it from exactly the same angle. We both have Rangers at heart, we're both Scottish, both live here and both know what's best for the club. We've got responsibility, we've got accountability.

"Whether it's Paul or me I don't mind, I just want this to be sorted - and sorted soon."

American tycoon Bill Miller and Bill Ng, a Singaporean businessman, are rival bidders while former Rangers director Paul Murray's Blue Knights consortium, originally backed by Kennedy, have stepped aside to help facilitate what they hope will be a quick deal with any of the other bidders in order to save the club from liquidation.

However, despite "intensive discussions" taking place, the takeover saga shows no signs of reaching a conclusion any time soon with Duff and Phelps frustrated in its attempts to get an unconditional bid on the table.

While it is not yet quite clear what Edinburgh-born Kennedy is offering, it is believed some of the conditions attached to bids from Miller and Ng cannot be fulfilled or guaranteed by the administrators who are continuing to work towards a resolution.

The apparent impasse is not good news for Rangers fans or manager Ally McCoist who on Tuesday called for the administrators to name a preferred bidder as soon as possible after expressing concerns over the protracted nature of the bidding process.

The source said: "The administrators are acutely aware of the desire to get a deal done as soon as possible.

"They want to accept unconditional offers but all bids have conditions and some of them can't be fulfilled by administrators."

It is believed one of those conditions involves Ticketus, the London-based investment firm whose money allowed Craig Whyte to buy the club from Sir David Murray last May.

Ticketus, which has rights to £27 million ($41 million) of season tickets at Ibrox for the next three seasons, confirmed it is still speaking to the Blue Knights and Ng, but will leave it to the administrators to chose the preferred bidder.

A spokesman for Ticketus told Press Association Sport: "Despite some reports [to the contrary] we have been talking to Paul Murray by phone on and off since Monday, we are still talking about a possible joint bid. We are also still in discussion with the Singaporean bidders."

The Sale Sharks owner saw a previous bid rejected last month for being too low but said at that time he would return to the table if he felt the club's future was in jeopardy and on Wednesday he contacted administrators Duff and Phelps.

The source said: "Brian Kennedy has spoken to the administrators with a view to making a proposal. He is back in the frame."

American tycoon Bill Miller and Bill Ng, a Singaporean businessman, are rival bidders while former Rangers director Paul Murray's Blue Knights consortium, originally backed by Kennedy, have stepped aside to help facilitate what they hope will be a quick deal with any of the other bidders in order to save the club from liquidation.

However, despite 'intensive discussions' taking place on Wednesday and into the night the takeover saga shows no signs of reaching a conclusion soon with Duff and Phelps frustrated in their attempts to get an unconditional bid on the table.

While it is not yet quite clear what Edinburgh-born Kennedy is offering, it is believed some of the conditions attached to bids from Miller and Ng cannot be fulfilled or guaranteed by the administrators who are continuing to work towards a resolution.

The apparent impasse is not good news for Rangers fans or manager Ally McCoist who on Tuesday called for the administrators to name a preferred bidder as soon as possible after expressing concerns over the protracted nature of the bidding process.

The source said: "The administrators are acutely aware of the desire to get a deal done as soon as possible.

"They want to accept unconditional offers but all bids have conditions and some of them can't be fulfilled by administrators."

It is believed one of those conditions involves Ticketus, the London-based investment firm whose money allowed Craig Whyte to buy the club from Sir David Murray last May.

Ticketus, which has rights to £27 million ($41.78 million) of season tickets at Ibrox for the next three seasons, confirmed it is still speaking to the Blue Knights and Ng, but will leave it to the administrators to chose the preferred bidder.

A spokesman for Ticketus told Press Association Sport: "Despite some reports we have been talking to Paul Murray by phone on and off since Monday, we are still talking about a possible joint bid.

"We are also still in discussion with the Singaporean bidders."

The Rangers Supporters Trust shared a statement it says is from Kennedy on its official Twitter and Facebook pages, where the Sale Sharks owner indicates he has 'substantially' increased his offer to administrators.

The statement read: "I confirm that today I have improved my offer to the Administrators substantially, with the objective of accelerating the choice of preferred bidder, preventing the possibility of a newco acquisition, and flushing out pretenders constipating the process.

"I await a response from the Administrators.

"I will not rest until I have stretched every sinew to breaking point in safeguarding the future of this great club."

Kennedy was quoted in the Scottish Sun urging the administrators to make a decision soon.

Kennedy said: "I have made a substantially improved verbal offer and am waiting for the administrators to come back to me.

"Whether they go the Paul Murray and Ticketus route or my way, I would implore them to act swiftly.

"We're both coming at it from exactly the same angle. We both have Rangers at heart, we're both Scottish, both live here and both know what's best for the club. We've got responsibility, we've got accountability.

"Whether it's Paul or me I don't mind, I just want this to be sorted - and sorted soon."

The change will come into force in time for the start of season 2012-2013.

At the moment, officials are unable to referee beyond the age of 47 but criteria will now be based on fitness and performance, irrespective of age.

The outcome follows a period of review undertaken by the referee committee, which included a presentation to the professional and non-professional game boards, and a recommendation submitted and passed by the main board.

John Fleming, head of referee development, said: "This is a positive step and I am delighted the Scottish FA board has approved the removal of the age cap in time for the start of next season.

"The fitness of referees has increased significantly and with the advances in sports science we have been able to tailor programmes for individual referees.

"We have seen examples elsewhere of match officials maintaining standards beyond the previous cut-off of 47 and it will be a major benefit to us in Scotland.

"It means referees will enjoy greater longevity if they maintain their levels of fitness and performance and will enable the referee development department to incorporate longer-term planning into our current commitment to match officials."

John McKendrick, chairman of the Scottish Senior Football Referees Association added: "The SSFRA welcomes the removal by the Scottish FA of an upper age limit to the List of Referees.

"We believe that Scottish football is best served by making full use of the talents of the most competent referees who are fully committed to both improving their own personal performance and making a full contribution to the development of refereeing in Scotland.

"Scotland's referees are highly professional in their approach and commit many off-field hours to maintaining and improving their standards.

"Performance, rather than age, should determine who is eligible to officiate in Scottish professional football."

Duff and Phelps say they hope a deal for the Glasgow giant can be concluded 'without any further delay'.

Former Ibrox director Paul Murray's Blue Knights consortium took a step back from the race to buy the club on Monday night, leaving Bill Ng's Singapore consortium and American tycoon Bill Miller still in the running.

Paul Clark, joint administrator, said: "We would like to inform all Rangers supporters that today (Tuesday) discussions have been held between members of the administration team and the two remaining bidders in the sale process.

"A number of issues have been examined and we have made it clear to all those involved in the bidding that it is of paramount interest to the football club that a satisfactory deal be concluded without any further delay.

"It is our intention to announce a preferred bidder this week and we can assure all supporters of the club that we are doing everything in our power to make that happen."

Manager Ally McCoist called for a quick resolution to the bidding process, claiming his ability to plan for next season was being hampered.

He told Blues News: "There obviously have been developments and it looks like the preferred bidder status has moved away from the Blue Knights and perhaps headed to either the American bid or the Singaporean bid.

"Obviously, like all Rangers fans, I think the sooner the preferred bidder status is announced would be a big, big step in the right direction.

"The uncertainty and the lack of clarity about the future is obviously really concerning and worrying for everyone, be that players, staff or fans.

"I can totally understand everybody's concern and that's why I'm hopeful that it will be sooner rather than later.

"I won't lie to you. I'm really concerned and really worried because we have a lot of planning to do.

"We have pre-season games and hopefully we'll try to arrange pre-season tours. All these things and players coming and going makes it concerning."

Duff and Phelps also confirmed they have instigated legal proceedings against owner Craig Whyte's former lawyers - a claim which Press Association Sport understands to be in the region of £25 million ($38.28 million).

Clark added: "We can also confirm that we have instigated legal proceedings against Collyer Bristow, the former lawyers of the club, and The Rangers FC Group Limited in the High Court in London for substantial damages suffered by Rangers Football Club."

Davis limped off early in the club's most recent game, a victory over St Mirren 10 days ago, and will miss this weekend's trip to face Hearts.

Manager Ally McCoist told the club's official website: "Davo is struggling a little bit. It's not been confirmed yet in terms of the extent of the injury, but it looks like he'll probably need a wee operation towards the end of the season.

"When he gets that done will be decided after a chat with the medical staff, but he won't be involved at the weekend, that's for sure.

"Missing our remaining games is a possibility and that's a concern, but he's going to see a specialist."

McCoist, though, has some cause for optimism ahead of the remaining five Scottish Premier League matches.

"It's certainly calmed down a lot since he came off in the game against St Mirren," McCoist said. "It's still a niggle for him, but we'll know more once he's seen the specialist."

Fullbacks Steven Whittaker and Lee Wallace should return against Hearts after missing the Saints game through injury.

"Steven is already back training with the team and we're hopefully going to have Lee joining in on Wednesday or Thursday," McCoist said.

"I would be very hopeful that both lads will be involved at the weekend."

The loss of Davis could offer an opportunity for midfielder Rhys McCabe, who received a Scotland Under-21 call-up on Tuesday after breaking into the first team last month.

McCoist said: "Rhys obviously played well in the Celtic game and we had him on again when Steven came off against St Mirren.

"We have one or two others who can play in that position, though.

"Maurice Edu has been doing all right and we have other options in there but Rhys would certainly come in to our thinking.

"He hasn't looked out of place at all, and he's a confident lad. He still has miles and miles to go, but he's had a few good games."

The former Ibrox director's Blue Knights consortium, a Singapore group fronted by Bill Ng and American tycoon Bill Miller, remains in the running to take over the ailing Glasgow giant despite proposed changes to Scottish Premier League rules.

If passed, the resolutions will mean tougher sanctions for clubs who go into administration in future or face the prospect of liquidation - an option which has not yet been ruled out for Rangers.

Administrators Duff and Phelps announced a delay in choosing a preferred bidder so "parties" can further explore the likely penalties with the SPL.

The Daily Record claims that delay was at the behest of Miller and Ng and quoted Murray as saying: "I urge the administrators to choose a preferred bidder and allow one of us to get on with the job.

"Whether it's me or anyone else does not matter - just choose.

"This is becoming more and more difficult. I am extremely concerned about the timetable.

"The longer it goes on the more difficult it will be to avoid liquidation.

"Any new buyer needs to be able to start talking to the players in order to renegotiate the clauses which were recently inserted into their contracts.

"We need to make sure these guys know there is a future at Ibrox. It wouldn't surprise me if some have already instructed their agents to find new clubs.

"If these guys leave in big numbers the cost of replacing them and keeping the team competitive will run into tens of millions. That would alter significantly any business plan."

The SPL revealed on Tuesday proposed rule changes which would see a phoenix Rangers hit with massive financial penalties and 10-point deductions over each of its first two seasons.

The Northern Irishman won his first Scottish Premier League title as Celtic's manager last week and hopes to take the next step towards a double in Sunday's Scottish Cup semi-final against Hearts at Hampden.

However, the former Parkhead skipper is confident he can go even higher with Celtic if given time.

"My ambition is to win the Champions League," Lennon told a number of newspapers.

"Here or anywhere, that's my ambition. I never reached those heights as a player and I may not reach those heights as a manager - but that's what I'm aiming for.

"You must keep a vision within your head and try to do everything you can to achieve it. Is it possible to win it here? Yes, definitely.

"It might not be possible to do it in a year or two years' time.

"But if we can consistently get in the Champions League and gain the revenue from that then we can build a team that could challenge.

"It's an ambition, that's all. I'm not saying: 'I think we are going to win the Champions League', but we have to have ambitions for it.

"I'm not the oracle - I don't have all the answers. But every now and again the Champions League does throw up a surprise package."

The former Leicester player went on to cite Jose Mourinho`s Porto side of eight years ago as an example to follow.

He added: "Look at 2004 when Porto and Monaco got to the final - you would never have envisaged that.

"That was a great Porto team that beat us the year before in the UEFA Cup Final.

"I'm not saying this team is anywhere near our 2003 team yet but they have the potential to achieve something and we are hoping Europe is going to be the marker."

Miller, a Singapore-based consortium led by Bill Ng - who yesterday indicated he has no plans to withdraw his offer - and former Ibrox director Paul Murray's Blue Knights are in the running to take over the Glasgow giant.

Administrator Duff and Phelps said on Wednesday it was forced to delay announcing a preferred bidder as a result of the SPL resolutions, which will be considered on 30 April.

If Rangers is liquidated, a 'newco' would be deducted 10 points for two seasons if accepted straight back into the SPL and would also face financial penalties in the form of league payments being slashed by 75 per cent for three seasons.

Miller has no qualms about the proposed regulations.

"I have responded to Duff and Phelps that I am in favour of a CVA (company voluntary arrangement) exit from administration," he told the Scottish Sun.

"After carefully reading the proposed SPL sanctions, it appears the only penalty that could impact the club is if Duff and Phelps was unable to complete the CVA by the start of the season.

"Consequently, my bid continues to be in place.

"In reviewing the proposed sanctions, it is clear any club going into administration in the future, including Rangers, would be severely penalised.

"In my view, this falls in line with the appropriate efforts of the various governing bodies to ensure clubs are operating within their means and are not mortgaging the future with excessive debt.

"I hope the Rangers representative at the SPL meeting votes in favour of all of the proposals as I believe they are in the best interest of the league and its members - including Rangers."

Ng's Singapore-based consortium, American tycoon Bill Miller and former Ibrox director Paul Murray's Blue Knights are in the running to take over the Glasgow giant.

However, administrators Duff and Phelps said it was forced to delay announcing a preferred bidder as a result of the SPL resolutions, which will be considered on 30 April.

If passed, the proposals will mean tougher sanctions for clubs which go into administration in future or face the prospect of liquidation.

If Rangers is liquidated, a 'newco' would be deducted 10 points for two seasons if accepted straight back into the SPL, and would also face financial penalties in the form of league payments being slashed by 75 percent for three seasons.

Ng told BBC Scotland: "My bottom line is to ensure Rangers' continued survival. We stand by what we promised.

"A change of rules does affect the finances of the club, but it does not affect our passion.

"It is better to know the changes early than to get surprises after we have done our budget."

Meanwhile, Rangers coach Ian Durrant has told fans they can expect to see another youngster, Lewis MacLeod, make his debut before the end of the season.

A number of young players, such as Ross Perry and Rhys McCabe, have made the breakthrough to the senior side this term as a result of injuries and suspension to first-team regulars.

Midfielder MacLeod, 17, was an unused substitute for the recent 2-1 win over Motherwell at Fir Park, while fellow youngster Barrie McKay has also been tipped to impress.

Durrant told Blues News: "Due to injuries and suspensions, the likes of Rhys McCabe and Ross Perry have come in and done great jobs.

"Young Lewis was so close to playing [against Motherwell] but he'll be there before the end of the season.

"Rangers fans will get a glimpse of him and I think he's one of our top talents. Barrie McKay is in the squad too and the lads are getting a chance because they're due it.

"They have come in and shown the manager they can train with the first team. If you can cope with that, the next step is to play with them too.

"The two of them are not too far away and I'm looking forward to seeing Lewis playing for Rangers.

"When I see him in training and in under-19 games, I can see he is going to be a top, top talent if everything goes well for him.

"A lot of people think you've got to be 20 or 21 to get a chance but if a player is good enough, he'll get his chance. The manager knows the script there."

Meanwhile, the Rangers Supporters Trust (RST) has threatened to call for a boycott of away fixtures next season as a result of the SPL proposals, which the fans' group believe would result in 'excessive and draconian penalties' if passed.

A statement from the RST read: "The board of the Rangers Supporters Trust, like other fans of the club, are not in the least surprised by the actions and timing of the SPL decision to vote on rule changes which has now further delayed a future takeover of Rangers.

"Given the severity of the possible sanctions, and their impact on any club who may also fall on hard times through mismanagement, it leaves us little option but to give serious consideration of calling for a boycott of away fixtures by Rangers fans next season; specifically targeting those clubs who have rushed through the proposals to punish our club with these excessive and draconian penalties.

"We will discuss this in the near future with our sister organisations, the Rangers Supporters Association and Assembly, to maximise impact and collate ideas on how a boycott could be facilitated if deemed necessary.

"There appears to be a change in attitude within our support and a unified determination not seen before as we again see another attempt to persecute our club whilst we are at our most vulnerable.

"It may also be important to consider how these severe penalties, currently aimed at one club in particular, will impact future league and club sponsorship and have a secondary impact on all clubs, reducing the stature of Scottish football as a whole.

"With this in mind we will contact several of the main sponsors to seek their thoughts on how these sanctions would affect their level of investment given the obvious inevitable decreasing level of competitiveness in the SPL in future."

The 12 SPL clubs will vote on a number of resolutions relating to financial fair play at a general meeting on April 30, which could result in tougher sanctions for clubs in administration and those facing liquidation.

Administrators had hoped to announce yesterday the acceptance in principle of an offer for the purchase of the Glasgow giants, with Paul Murray's Blue Knights, American businessman Bill Miller and a Singapore consortium fronted by Bill Ng still in the running.

However, the announcement of a preferred bidder has been delayed as bidders now digest the SPL's plans and whether their own bids will be affected.

Paul Clark, joint administrator, said: "As administrators we had hoped to announce [on Wednesday] the acceptance in principle of an offer for the purchase of Rangers Football Club, which would be followed by a period of exclusivity while due diligence is undertaken.

"Regrettably, this is not now possible as we were informed over the Easter holiday period that the SPL is proposing to consider at a general meeting on April 30, significant rule changes in relation to clubs which find themselves in an insolvency situation.

"We fully respect the right of the SPL to review its own rules and regulations and will not comment on the detail of what is being proposed for the meeting on April 30 at this stage.

"However, the fact that such measures are being considered at such a sensitive point in the sale process at Rangers is disruptive and regrettable."

Liquidation remains an option in the event that Rangers are unable to exit administration via a CVA (Company Voluntary Arrangement).

If the SPL proposals are passed, a "newco" Rangers would be docked 10 points for two consecutive seasons, as well as seeing SPL payments slashed by 75 per cent for three seasons, if allowed straight back into the top flight.

Clark added: "The effect of such revised measures being considered at this juncture is that we, as administrators, are duty bound to inform those parties who have submitted bids of the proposed resolutions the SPL intends to consider.

"Failure to do so would constitute material non-disclosure on our part, which is a serious matter.

"Inevitably, bidders are now considering this information and will have to take a view as to whether it will affect their individual bids as they now stand.

"The result is a delay in the sale process. We hope to receive feedback from bidders as soon as possible in order for us to take the sale process forward as quickly as we can.

"We hope to issue a further update by the end of this week."

Meanwhile, Rangers defender Lee Wallace is hoping to be fit enough to face former club Hearts next weekend.

The fullback was sidelined for Saturday's 3-1 win over St Mirren with an ankle problem.

Rangers has a free weekend with William Hill Scottish Cup semi-finals taking place on Saturday and Sunday, before resuming league business with the visit to Tynecastle on April 21.

Wallace told Blues News: "It's definitely my aim to be fit for the Hearts game.

"We are stepping up my rehab day by day and I've got the rest of this week and all of next week to get ready."

Profits after costs from the friendly will go to the cash-strapped Glasgow giant, who is battling to exit administration.

Rangers boss Ally McCoist said: "The Rangers supporters have been magnificent in the past few months and our fans in Northern Ireland will be rewarded with a game at Windsor Park that will also help the club in difficult times.

"We always enjoy great support from Belfast and we look forward to playing there once again next month.

"On behalf of everyone at Rangers, I would also like to thank Linfield for supporting us by agreeing to take part in this match."

Skipper Steven Davis added: "It is an honour and privilege to be captain of Rangers and Northern Ireland so it will be nice to return to Windsor Park on club business.

"We have received unbelievable support from fans worldwide in recent months which we all appreciate and the players are all looking forward to returning to Belfast on May 7."

Linfield Chairman Jim Kerr said: "Linfield Football Club has had a long cordial relationship with Rangers Football Club and is delighted to assist during this difficult time.

"We hope that all Linfield and Rangers fans in Northern Ireland and from further afield will show their support."

Dundee needed to win to delay County's First Division title celebration but Queens defender John Potter cancelled out Stephen O'Donnell's opener in the 82nd minute.

O'Donnell opened the scoring with a deflected strike from long range in the 53rd minute at Dens Park but his former St Mirren team-mate Potter headed home Daniel Carmichael's cross after a half-cleared corner.

The draw left Dundee 14 points behind the leader with four games left.

Ross County has five games remaining and faces Ayr United at Somerset Park on Wednesday evening (Thursday morning AEST).

The former Highland League side, which was admitted to the Scottish Football League in 1994, will make its SPL debut next season but has already made its mark at the highest level by reaching the 2010 Scottish Cup final, where it lost to Dundee United.

Hooper was on target twice as Celtic clinched the championship with a 6-0 away victory over Kilmarnock on Saturday.

Rugby Park was the venue for another crucial afternoon in Celtic's season - it was three goals down there at half-time in October after losing to Hearts days earlier.

But an Anthony Stokes double and a late Charlie Mulgrew header earned them a point that day, before manager Neil Lennon admitted he had been considering resigning if Killie had added to its lead.

The draw came amid an inconsistent run for Lennon's side and it fell 15 points behind Rangers on November 5.

But Hooper secured a late winner at Motherwell the following day and Celtic never looked back, winning the next 16 SPL games before going on to wrap up the title with five matches to spare.

"When we played at Rugby Park before, we were 3-0 down at half-time," Hooper told the club's official website.

"We managed to get a point that day and kicked on from there.

"And to come from 15 points behind is really good going. The team spirit is unbelievable and everyone has done their job and won the title.

"We lost to Kilmarnock in the League Cup final a few weeks ago and had to make it up to the fans and we did that by winning 6-0 and it was a brilliant performance."

There was some bad news on an otherwise triumphant weekend for Celtic after Paul George was ruled out for up to eight months with a broken leg suffered in a 3-0 SPL Under-19 win over Rangers at Murray Park.

A report on the club's official website read: "The young Irishman sustained a fractured tibia and fibula half an hour into the game following a crude challenge from a defender."

The 18-year-old winger made his only first-team appearance off the bench in Celtic's 2-0 win over Ross County in the Scottish Communities League Cup in September.

Garry O'Connor found the top corner with a free-kick from 20 yards on the half-hour mark to fire Hibs in front at Easter Road.

But Nicky Law volleyed home from similar range with 10 minutes left before Motherwell saw Jonathan Page sent off in injury-time.

Hibernian is now seven points above bottom club Dunfermline while Motherwell is five points clear in the race for a UEFA Champions League qualifying place.

The Northern Irishman, who took over as Hoops manager two years ago, went into kick-off knowing his side needed just a point to secure the title.

It proved to be a lot easier than he could have hoped, with a first-half brace from Charlie Mulgrew, along with goals from Glenn Loovens and Gary Hooper, meaning the trophy was in the bag by half-time.

Second-half goals from Joe Ledley and Hooper only added to the euphoria inside Rugby Park which, thanks to the thousands of visiting fans, had become an outpost of Celtic`s home ground.

And Lennon, who won the title with Celtic as a captain, could not hide his joy when the final whistle went.

"It`s the best day of my professional life," he told ESPN. "It`s been a long time coming.

"It`s been two years in the waiting. I`m so proud of them. They deserve it. We have been the best team in Scotland by a long way and we have finished it in the right way."

Lennon soaked up the adulation from three sides of the ground as the celebrations continued, with the success even sweeter for the 40-year-old who has, at times, been a hate figure for fans of rival clubs.

"I`ve been here 12 years and they`ve thrown everything at me," Lennon said of his turbulent ride.

"I`m at the pinnacle now. I couldn`t have done it without the club, the players, fans and my family.

"I follow in the footsteps of (former managers) Martin O`Neill and Gordon Strachan, who had a great influence on my career."

Celtic`s players donned t-shirts which read: `This is just the beginning` as they walked a lap of honour, and captain Scott Brown said: "I`ve waited a long time for this and it`s for the fans.

"We`re a strong bunch of lads and we just want to kick on now. We are as good as anyone."

Mulgrew, who also scored a crucial goal in Celtic`s 3-3 comeback draw at Kilmarnock in November - a result widely credited with being a turning point in their season - was happy for his manager.

"I`m delighted, this is a dream come true," he said.

"Neil has done brilliantly. Look at the players he has brought in. I can`t thank him enough.

"We were 15 points behind Rangers at one point, so to come back is credit to the manager."

Left-back Charlie Mulgrew was the force behind the first half domination, scoring twice and setting up goals for Glenn Loovens and Gary Hooper to give the rampant visitor an unassailable interval lead.

In what was one of the most impressive performances of the season, late goals by midfielder Joe Ledley and Hooper confirmed with some conviction that the championship is back at Parkhead for the first time in four years.

Celtic can now look forward to next week's William Hill Scottish Cup semi-final against Hearts at Hampden and on this form, Neil Lennon's side must be favourite for the double.

Lennon, who was given a hero's reception by the Celtic fans after the game, was certainly vindicated in the three changes he made for the trip to Ayrshire.

In came right-back Adam Matthews, stopper Kelvin Wilson and midfielder Ki Sung-yueng with Mikael Lustig, Thomas Rogne and Anthony Stokes dropping out, with only the Irishman starting on the bench.

Killie's on-loan defender Lewis Toshney was not allowed to play against his parent club and his place was taken by Liam Kelly.

Kilmarnock had beaten Celtic in the Scottish Communities League Cup final at Hampden last month but, with the mood the Parkhead men was in, there was never any chance of a repeat.

The Ayrshire club had moved some of its supporters from the East Stand to allow Celtic fans three of the four stands at Rugby Park.

Celtic started strongly with Kris Commons pushed up alongside Georgios Samaras and Hooper but it was Mulgrew who headed it into the lead after only seven minutes.

Ki's powerful drive was deflected for a corner and when the South Korean swung the ball in from the left, Mulgrew rose high inside the six yard box to steer the ball into the net.

From then on it was all Celtic and all Mulgrew.

In the 16th minute he took a Scott Brown pass wide on the right before swinging in a cross to the back post where the unmarked Loovens headed past Cameron Bell for his first goal of the season.

Celtic was overwhelming a startled Killie side which did not have any sort of antidote and in the 34th minute Mulgrew all too easily drifted in from the left before curling his shot past Bell and into the far corner.

Moments later only a brilliant block from the foot of Bell prevented Samaras making it four, after the Greece striker had been unselfishly set up by Commons 12 yards from goal.

It was too easy for the visitor and a minute from the break, from wide on the left, Mulgrew crossed to the back post for Hooper to volley high past the helpless Bell.

Killie boss Kenny Shiels replaced Garry Hay and Lee Johnson with James Dayton and Ross Barbour for the start of the second half while Filip Twardzik soon came on for Hoops skipper Brown.

Celtic was free-wheeling while it was purely a damage limitation exercise for the bewildered home side although a brief spell of pressure on the Celtic goal in the 52nd minute ended with Kelly firing high over the bar from outside the box.

Celtic fans rejoiced, mostly in the possible demise of its administration-hit Old Firm rival Rangers.

In the 62nd minute, in a swift Celtic counter, Commons sent Loovens through on goal but the big Dutchman shot wide as he collided with Bell, both players continuing after treatment.

Stokes, who had replaced Samaras, had a great chance in the 75th minute when he was sent clean through by Mulgrew but the former Sunderland player hesitated in possession and was robbed by back-tracking Killie defender Mo Sissoko.

Two minutes from time Ledley grabbed the fifth with a dink over Bell after the Killie defence crumbled before Hooper volleyed in number six a minute later to seal a commanding performance.

The travelling fans in the crowd of 15,926 stepped up their celebrations all the way to the final whistle which brought a huge roar.

The 65-year-old, who owns a business making tow trucks and recovery equipment, is one of the three contenders to secure Craig Whyte's shareholding at the administration-hit Ibrox club along with the Blue Knights, headed by former Light Blues director Paul Murray, and Bill Ng's Singapore consortium.

Miller revealed he was the sole bidder remaining from the consortium put together by Chicago-based Club 9 Sports and says McCoist has a crucial part to play if his takeover bid is successful.

"I will be speaking with Ally and he clearly fits into my plans for the future of Rangers," Miller told a number of newspapers.

"I believe my plans are the best for Rangers Football Club's long-term success.

"I can assure you that I would not be interested if I did not have the best interests of the fans, team and club at heart.

"My aim is to save the club, put it on a stable footing - making profits and not losing money so it qualifies for European competition - and ensure it can have a strong future to match its history."

While administrators Duff and Phelps are keen on Rangers exiting administration through a CVA (company voluntary agreement), with potential debts of £134 million ($206 million) there remains real fears that the club could be liquidated.

On Sunday morning (AEST) at Ibrox when Rangers take on St Mirren, around 50,000 fans will take part in a red-card protest to show their unity against liquidation.

Fans' groups are also threatening to boycott the club should a new owner go down the 'newco' route but Miller claims his bid is structured around ensuring Rangers exit administration through a CVA.

He said: "My preference is a CVA exit. It has not been determined yet as to how this or another structure may work.

"I am working with the administrators and lawyers to find a creative solution that protects the history and future of the Rangers but does not have the club hampered by large amounts of debt going forward.

"Any Rangers fan should be alarmed by this (potential debt).

"It totally hampers the club's ability to be successful in the future.

"It is my intention to clean this up. Any time you negatively affect the future revenues by mortgaging the future of a team, you are endangering its very survival."

After Rangers scored a last-gasp winner against Motherwell last weekend to stop the Hoops clinching the title in record time Celtic know its destiny is now in its own hands.

Neil Lennon's side is 18 points clear with six games remaining and a draw at Rugby Park will be enough to trigger the celebrations amongst the Parkhead faithful.

Last year, Rangers cantered to a 5-1 win to clinch the title at the same venue, but Celtic assistant manager Johan Mjallby admits he doesn't care how the Parkhead club's 43rd title is won.

"It doesn't really matter how we win the game - I'll be delighted if we win it in the 90th minute," the Swede said.

Celtic will not be taking anything for granted after being pushed by Kilmarnock in its meetings this season.

Killie raced into a 3-0 halftime lead the last time Celtic visited Rugby Park, only for the Hoops to clinch a remarkable 3-3 draw before the Ayrshire side defeated the Glasgow giant in March's League Cup final to ruin the Old Firm side's dreams of a domestic treble.

And Mjallby admitted his side would be wary of its opponent.

"You have to give them credit for their win against us in the final," he said.

"They played well and stopped us from really penetrating them, even if we did create a lot of chances. They are very good on the ball and play good, passing football.

"So we are going to go through that game at Hampden again and see where we fell short and try to make sure we don't make the same mistakes again."

Kilmarnock is looking for its fourth win over the Old Firm this season having defeated Rangers home and away to add to its League Cup win over Celtic.

But manager Kenny Shiels says it will be hard to replicate that form again when Celtic come calling on Sunday.

"It's difficult to reproduce," the Kilmarnock manager said.

"We were lucky in the final, we were lucky in the 3-3 draw, we were lucky against Rangers twice.

"We're playing against better players so when you beat them or draw with them, it's a great feeling of satisfaction. To beat Celtic or draw with them, or be close to them, is an achievement.

"If we try to match Celtic, they will walk all over the top of us. We have got to try to get an edge if we can and that's all we can hope for.

"It's mission impossible to be honest, it really is. They are coming to win a title and we are just little Kilmarnock so it's going to be difficult."

Rangers, which was docked 10 points after entering administration in February, will hope to put its financial worries to one side as it continues its push for second place when it takes on St Mirren at Ibrox.

Bill Ng, the chairman of Hougang United, told journalists he is leading a Singapore-based consortium that hopes to be the winning bid for the Glasgow giant.

Administrators have received four bids for the venerable 140-year-old club including one fronted by former Rangers director Paul Murray and from groups based in Singapore, Germany and the United States.

The administrators said they would consider three of the four bids submitted.

"The weakness lies in the people who run the club and I feel that we can do something better," Ng was quoted as saying by the New Paper.

Neither Ng nor staff at his Singapore club were available to confirm the bid when calls were made to Hougang United.

The New Paper said Ng's group submitted a bid of around 20 million pounds ($31.4 million) for Rangers and the bulk of the money would be used for paying off its creditors.

The bid by Ng's Singapore-based consortium marks the second time investors from the wealthy city-state have attempted to buy a British football club.

Singaporean billionaire Peter Lim in 2010 attempted unsuccessfully to buy English football club Liverpool for an equivalent of $498.17 million.

Kello fell out of favour with Hearts owner Vladimir Romanov and was sidelined after rejecting a January move to Austria Vienna.

The 29-year-old would have been free to leave when his contract expired at the end of the season.

Kello, who was the club's player of the season last year despite another absence enforced by Romanov, has been linked with Premier League side Aston Villa.

A statement from Kello released by his solicitor, Margaret Gribbon of Bridge Litigation, read: "I thoroughly enjoyed my time at Tynecastle and would like to take this opportunity to thank my team-mates and the Hearts supporters who have always made me feel so welcome.

"I will always value my time at the club and wish them all the very best for the rest of the season."

A Hearts spokesperson added: "We would like to thank Marian for his services as he proved himself to be a key player for the club during his time here."

Kello joined the Edinburgh club in August 2008, initially on loan from Kaunas.

The Hoops defender picked up a cruciate ligament injury in a freak training ground incident in February while on international duty, which ended a campaign that had already been halted for almost two months after he fractured his cheekbone against St Johnstone in December.

With Neil Lennon's men only a draw away from winning the SPL title and with an upcoming Scottish Cup semi-final against Hearts, before EURO 2012 gets under way in Poland and Ukraine at the end of the season, Majstorovic, who turned 35 on Thursday, could be excused for feeling downbeat.

However, speaking at the club's Lennoxtown training ground, where he was promoting the club's Easter draw in support of the club's youth development programme, his upbeat mood told a different story.

"When it happened there were days and nights when I thought about my situation and what I was going to miss," he said.

"First of all I was going to miss the last games for Celtic and to be part of this period, and of course the European Championships in front of me.

"This was hard, especially when the injury happened but I said to myself that I had been very lucky with injuries throughout my career.

"Yes, first it was my cheek and now I have this knee injury this season but this is football and this can always happen.

"Now I have my energy and inspiration back.

"I want to get back to the level I was at and I'm sure I will be there at the end of the summer.

"I have no doubt about that (full recovery). I had a long discussion with the doctor.

"I have a really healthy knee, there was nothing else that was damaged and if I do my recovery well, and if everything goes like it should, then there will be no problem getting back to where I was.

"Of course, it is always difficult because you want to be part of the group, you want to be on the pitch and feel the atmosphere of the fans but you just have to accept it."

Majstorovic's current contract at Parkhead is up in June but he stressed that his focus was first and foremost on getting fit again, before he enters into talks about his future.

"It is getting a lot better, the medical staff are very happy and I'm happy," he said.

"If everything goes well and I progress as I am now, I think I might start to run in eight to 10 weeks.

"My contract runs out in June so there will be a time when we need to talk about it. There will be a point where we see what's going to happen.

"But the main thing for me now is rehabilitation. I am so focused on my rehab, that is my priority.

"I am not worried. I know my fitness and I know there is so much more that I want achieve.

"I am still so motivated and hungry so the priority is to have a good rehab now. I will take it step by step now."

Whyte has been described by administrators as "irrelevant" despite owning 85.3 per cent of the club's shares, which he bought from Sir David Murray for £1 in May last year.

Administrators have claimed there is no evidence that Whyte has put any money into the club but the businessman says he has cash on the line, although he may walk away with nothing.

Duff and Phelps has set a deadline of Wednesday for final bids for the club with the Blue Knights, American investors Club 9 Sports and a Singapore-based group all tipped to compete for preferred bidder status.

Whyte completed his takeover with money received from Ticketus from future season ticket sales in May and then sold more in September to take the total income from the group to £30.5 million ($46.9 million) including VAT.

But he insisted he is not irrelevant, as administrator Duff and Phelps has claimed.

"They can describe me this way if they like, but I would disagree with it," Whyte said. "I am still the owner.

"But I am willing to walk away if it is for the good of the club. I wouldn't make anything out of it.

"I have £30 million in cash and guarantees on the line but I would walk away if it is best for Rangers.

"I have been in touch with a couple of bidders. If I can help any of them I will."

Murray was responding after Paul Clark, of administrators Duff and Phelps, warned over the weekend that "it is certainly possible Rangers would be liquidated" when new owners take charge.

The Blue Knights, American investors Club 9 Sports and a Singapore-based group are all expected to make formal bids for the Ibrox club by Wednesday, the deadline set by the administrators before they choose a preferred bidder.

Murray, a former Rangers director, claims he is closer to an agreement to include in his consortium Ticketus, the investment firm whose controversial £24.4million ($A37.6 million) season ticket deal allowed Craig Whyte to complete his takeover of the club in May last year.

And if Ticketus, who own the rights to a tranche of future season tickets at Ibrox, can be brought on board then Murray is hopeful Rangers can come out of administration with a company voluntary arrangement (CVA).

"It seems the other groups are pushing to put the club into liquidation," Murray told the Scottish Daily Mail.

"That is not what I want to do. They have their own reasons for wanting that - but it's not part of my plan.

"Paul Clark was misquoting me if he said I was considering that. I didn't say that.

"I'm a little bit surprised and concerned, in fact, that the administrators seem to be almost moving things towards liquidation in the last couple of days.

"From my point of view, first and foremost, we want to reach agreement with creditors - a CVA.

"That's the whole reason I'm talking to Ticketus. Those talks are ongoing and we're getting closer, although it's not done yet.

"I'm trying to put in place a restructuring deal that involves a CVA. I think the football and financial benefits of that outweigh the liquidation option.

"So I don't know why Paul Clark seems to be briefing in that direction. It is certainly not my intention to put the club into liquidation."

The Hoops striker was the star of Celtic's 2-0 home win over St Johnstone on Sunday, scoring the opener after the break with a header before his cross from the right was deflected into his own net by St Johnstone midfielder Chris Millar.

The welcome victory, which followed the Scottish Communities League Cup final defeat to Killie at Hampden and the SPL loss to Rangers at Ibrox, means Neil Lennon's men need only a draw in Ayrshire to win the championship and that, insists Samaras, is all that is on the agenda.

"It was a final, they won it, it's finished," said the Greece international.

"We don't go there with our minds on revenge. We are not looking at the past, we are looking at the future.

"We haven't had the greatest results in the last two weeks but we showed great character in the second half and won the game.

"Now we need to go to Kilmarnock with the same character and win that game as well.

"We were nervous in the first half, there was a strange atmosphere, I don't know why but in the second half we went out and enjoyed our football which is what we need to do from now on.

"We need to start to play good football, create chances and do what we did before March, which wasn't a great month."

St Johnstone, who won 1-0 at Celtic Park earlier in the season, made a decent fist of its return to the east end of Glasgow but remain five points behind third-placed Motherwell.

Rangers are second but with the administration-hit Ibrox club unable to take a European place due to its financial troubles, third place could be rewarded with a Champions League qualifying spot.

Saints midfielder Liam Craig, who was booked for complaining after referee George Salmond let Kris Commons' hefty challenge on him go unpunished before Celtic raced up the park to score the second, insists the Perth men will keep going to the end of the season and see where that takes them.

"We need to pick ourselves up and go again," he said.

"We have a big game against Inverness next week. Motherwell is only five points clear and if we can drag them back then it is going to be an exciting end to the season.

"We have had a decent season so far, now we want to make a it a great one.

"To put St Johnstone in the same sentence as the Champions League is massive, but we are not getting ahead of ourselves.

"Motherwell are a great side, Dundee United are on a good run and Hearts had a good result on Sunday (against Aberdeen) as well so it is going to be difficult."

The Hoops found it a struggle in the first half against a well-organised Saints side, but a Georgios Samaras header and an own goal by midfielder Chris Millar after the break saw off the visitor, whose striker Cillian Sheridan missed a great chance with the game goalless.

It was not a vintage Celtic performance, which was perhaps a bit deflated by Rangers' win at Motherwell the previous day which prevented a possible title party here.

In the day's other SPL game, clinical finishing from Hibernian saw it move six points clear of the relegation zone with a 3-2 win in Inverness.

After a goalless first half, Inverness drew first blood when Greg Tansey netted his side's first penalty of the season on the hour mark.

But Paul Hanlon levelled with a close-range header four minutes later before Garry O'Connor put it in front on 75 minutes.

Jonny Hayes equalised with a stunning cross-shot in the 83rd minute but Leigh Griffiths bagged the winner with a low angled shot from 12 yards with just five minutes to go.

Celtic slipped to a 3-2 loss to Rangers at Ibrox on Monday (AEDT), a week after Neil Lennon's side had been defeated in the League Cup final to Kilmarnock.

But with the chance to possibly wrap up the title at Celtic Park on Monday against St Johnstone, Norwegian defender Rogne dismissed any thoughts that his side had been struck by stage-fright, pointing to the recent 26 game unbeaten run as proof of its mental strength.

"We played a lot of big games and won them. We've lost two big games now, but that happens," said Rogne, who scored his side's second goal in the defeat to Rangers.

"The game we played against Rangers on December 28 was probably an even bigger one than Sunday because we had the same amount of points. And we won that.

"So we have played big games. We won the Scottish Cup final last year, which was a big game. Now we have lost two and people are talking about our mentality being bad, but I just think that's nonsense.

"We have strong characters in the dressing room. We were 15 points behind and somehow managed to get to 18 in front. You don't have a weak mentality if you have managed to do that."

Celtic could potentially clinch the title on Monday if Rangers slips up away to Motherwell on Sunday.

And Rogne believes the defeats to Kilmarnock and Rangers will soon be forgotten once the league championship is back at Celtic Park.

"If we win the league, that's all that matters. Sometimes you lose games in football," the Norwegian said.

"We conceded a late goal in the cup final and that's part of the game. Against Rangers, it was a bit of a strange game and that's what happens really.

"I hope we haven't subconsciously switched off. I don't think we have. We just want to get back to winning ways and look forward again."

Five parties notified Duff and Phelps of their interest in a takeover of the Scottish champion, although Sale Sharks owner Brian Kennedy has since dropped out of the running after being told his bid was too low.

The administrators indicated they have yet to identify a preferred bidder from the short-list at this stage in the process.

The current squad saw its monthly pay slashed by up to 75% in an agreement with administrators Duff and Phelps earlier this month in a bid to avoid widespread redundancies.

But as far as former Ibrox defender Amoruso is concerned, anyone who has ever played for the Glasgow giant would be happy to do the same out of love for the club.

He said: "If you play for Rangers, you know what it means to play for Rangers, so I don't see it as a sacrifice, I see it as an action that should be done if you care about the club.

"For me it's not a sacrifice, it's something you do because you fall in love with this club."

Amoruso is one of a number of ex-players taking part in Friday's Rangers Legends match against AC Milan Glorie at Ibrox, with former manager Walter Smith returning to the dugout.

Smith admits he is still struggling to come to terms with what has happened to the club he quit at the end of last season after Rangers was forced to call in the administrators on February 14.

Smith said: "Bewilderment is the word. It's been quite amazing what has happened.

"I never thought we could see it happen at a club like Rangers but it has and we have to show a reaction to that."

Smith had nothing but praise for the way supporters have responded to the crisis, with the Rangers Fans Fighting Fund raising £250,000 ($383,000) to help the stricken Scottish champion.

Smith added: "Rangers have got a great support, they've got a demanding support if you're a manager or a player.

"That's the way you would want it, great clubs have got to have that.

"I'm fairly certain when the problems did arise that there was a call made to every one of them that they would get behind the team and they would get behind the club and they would do anything they could to get the club back into decent circumstances."

Another former Rangers defender, Marvin Andrews, is relishing the prospect of sharing the pitch with legendary names in Friday night's clash and helping his old club.

He said: "It was always a pleasure for me to watch Franco Baresi playing for Italy and AC Milan so this game will be a pleasure for me.

"I'm so happy to be part of this, especially for the cause and the betterment of Rangers Football Club.

"It's a great honour for me to be here and to show my support in helping Rangers."

The Scottish champion was plunged into administration last month and has endured a number of other problems since.

The Scottish Football Association confirmed it has agreed to adjourn a hearing into whether owner Craig Whyte and Rangers breached several of their rules until next month.

The Glasgow giant is also under investigation by the Scottish Premier League over allegations that the club made undisclosed payments to players.

The claims surround the use of employee benefit trusts (EBTs) during Sir David Murray's reign and stripping Rangers of titles won since the SPL's inception in 1998 is one of the more severe sanctions which could be handed down.

Italian defender Amoruso said: "They are investigating everything now. They want to try to take away the trophies we won.

"One thing is for sure, even if they want to take the trophies away from this club, we won the trophies on the pitch. So they can do anything they want.

"The metal cup won't be here anymore if they do that, but we know for sure that we won the trophies on the pitch, with sweat and running and shouting and co-operating with team-mates and the gaffer.

"Nobody will take that away from us and the fans.

"I know what you're saying about the trusts and the money but I don't care. At the end of the day, we won on the pitch, not because of the money.

"We won the trophies on the pitch because we were better than the other teams, that's it."

Amoruso is back in Glasgow for the Rangers Legends match against AC Milan Glorie at Ibrox and has been stunned by the turmoil surrounding his former club.

He added: "It's amazing to see Rangers in this situation. But at the moment we can't really complain about what has been the problem and why the whole situation has developed, now we have to face the problem.

"What we need is for somebody to come in who will be passionate, like the players who have worn the jersey for so many years and won trophies for the club.

"He has to try to win his trophy - which is basically saving the club. That's the thing the fans would like to get from the next owner of Rangers."

Sale Sharks owner Brian Kennedy has dropped out of the running to buy Rangers and urged administrators to opt for a rival bid from former Ibrox director Paul Murray and his Blue Knights consortium.

As well as bids from Kennedy and Murray, United States-based Club 9 Sports, a UK-based consortium and a Singapore-based consortium have also indicated their interest.

Former Rangers boss Walter Smith's own preference is for Murray to be given the green light, but he says a willingness to invest in the ailing club is essential for whoever takes over.

He said: "As long as the person who takes over has the best interests of the club at heart, that's the biggest thing more than anything else.

"I know Paul Murray from the previous board so I'm going to be slightly biased towards that, but that would be unfair on anyone else who is hoping to come in.

"I don't have any knowledge of any other consortiums who are coming in. Although I don't know Paul that well, I worked with him over the last two or three years.

"He has made no secret of the fact that he would like to take over the club and I would hope he could do that.

"The best way ahead for the club is to get an owner who will invest in the club. That's without a doubt the best way.

"We don't need figureheads, we don't need anything else. We need a level of finance to get us back on the straight and narrow again and that's what I hope would happen.

"It's going to be a difficult task for the administrators to sort it all out but that's what we need more than anything else.

"A few weeks ago, once the players decided to take a cut in wages, they seemed to be past a critical point and everything seems to have settled down a little bit.

"I think the next critical point is just coming up in terms of a new owner stepping in. We will just have to wait and see.

"The sooner that happens, the better it will be for everyone at the club."

Smith will manage the Rangers Legends Friday (Saturday AEDT) and, with proceeds going to the club, as well as Rangers' and AC Milan's respective charity foundations, the veteran boss is hoping for a big crowd.

He said: "These are strange circumstances, ones that you would never have thought would happen to the club, but they have happened.

"People have shown a terrific reaction and I think something like this brings everyone who's got the club at heart together.

"I'm sure because of that aspect we will get a big crowd tomorrow night and one that I hope will be entertained."

AC Milan legend Franco Baresi said: "I'm very happy to be here for the Foundation. When we had the chance to play the game against Rangers we said yes.

"We will also help the people of Rangers who are in trouble at the moment so we are doubly happy."

Zaluska, who last month signed a three-year contract extension until 2015, has had to be patient for his chance, with on-loan Newcastle goalkeeper Forster having succeeded Artur Boruc as first choice.

The 29-year-old, who moved to Parkhead from Dundee United in 2009, told the Celtic View: "I have become a Celtic supporter, I love this club and I feel so good here. Of course I'm not happy being number two, I want to be playing all the time.

"Everything changes so quickly in football and I have to be ready to take my chance. I know the gaffer (Neil Lennon) trusts me and that's why he offered me the new deal."

The Pole is still eager to succeed at Celtic, despite limited opportunities in the starting XI, with Forster's form key in the Scottish Premier League title push.

"You train so hard and every day you do something extra, but when it comes to Saturday and there is a big match, or a European game during the week, it's difficult," Zaluska said.

"When you're a striker you can play 10 minutes, score a goal, and then start the next week, but it is a different story with the goalkeepers.

"It's hard to stay motivated all the time but if you are a professional footballer, especially at a club like Celtic, then that's your job. You have to keep a high standard and push the first goalkeeper.

"You can see that with Fraser. He has played really well this season and part of my job is to push him all the time. That's why we haven't lost many goals this season."

Zaluska believes he is entering his prime.

He added: "You play football to win trophies and Celtic is a great place to be if you want to do that. That's why I decided to stay here.

"Sometimes players play in the Premier League for 10 years and never win anything. At Celtic we have the chance to play in Europe every year.

"Everyone in the world knows about Celtic. I enjoy every single day at this club.

"It has probably been the best few years of my football career. I'm coming to the best years for a goalkeeper and I want to give them to Celtic."

Referee Calum Murray sent the Korea Republic international off in the first half of the 3-2 Scottish Premier League defeat for hauling back Rangers midfielder Lee Wallace at the edge of the box, deeming it to be an obvious goalscoring opportunity.

A Fast Track Tribunal at Hampden rejected Cha's appeal and a one-match suspension has been imposed with immediate effect which means he misses the visit of St Johnstone on Sunday evening (AEDT).

The Spaniard made no mistake from the spot, netting his 18th goal of the season after 40 minutes.

But only the woodwork prevented Caley Thistle substitute Claude Gnakpa from snatching a share of the points in the third minute of injury time.

Withey, a former partner in the London law firm Collyer Bristow, brokered the Rangers takeover deal in May 2011 when Craig Whyte paid a nominal £1 ($1.53) for Sir David Murray's 85 percent shareholding.

McGeoch and his business partner Paul Davies, who have expressed interest in taking over the Paisley-based Scottish Premier League club, are alleged to have met Withey in the St Mirren boardroom in November.

A statement, published on St Mirren's official website, www.saintmirren.net, read: "During the meeting Mr Withey had sight of and inspected commercially sensitive documents of St Mirren Football Club.

"At one point during the meeting the club's general manager (Brian Caldwell) was brought into the meeting and asked various questions including whether or not the club used Employee Benefit Trusts (EBTs).

"As a director of the company, Mr McGeoch had every right to inspect such documents.

"The board, however, consider that his decision to show these documents to an office holder of another SPL club is a serious breach of trust and an error of judgement.

"In light of the information available to the board, they have asked Mr McGeoch to resign his position as a director of the company with immediate effect.

"Should he fail to do so within the next 48 hours, we regret the company shall be forced to call, at the club's expense, an Extraordinary General Meeting of the company to consider this matter further."

St Mirren was put up for sale in 2009, with a selling consortium established which included chairman Stewart Gilmour, among others.

The board statement added: "The selling consortium of St Mirren directors were not informed of Mr Withey or Collyer Bristow's involvement with Mr McGeoch until January 2012, at which point it had concerns over the involvement of Mr Withey."

McGeoch was not initially available for comment.

Rangers went into administration on 14 February as a result of an unpaid £9 million ($13.76 million) tax bill accrued during Whyte's tenure.

An EBT scheme at Rangers was the subject of a tax tribunal in January and could cost the Ibrox club £49 million ($74.93 million).

But the defender insists a further dug-out ban for the Hoops boss would be a major blow for the players.

Lennon has been issued with a notice of complaint by the Scottish Football Association's compliance officer relating to alleged misconduct during the 3-2 loss at Ibrox.

After complaining to referee Calum Murray about his performance in the tunnel at half-time, the Parkhead boss was ordered to the stand but watched the second half from the media room.

Rogne said: "To be honest, I didn't even notice that he was sent off.

"In those games, you don't really hear anything that people say because they are so loud.

"When I looked at the bench, I saw that he wasn't there, but it's something the players have to deal with.

"We have to deal with the situations out there anyway so it doesn't make too big of a difference."

Lennon has until next Tuesday to respond to the SFA and Rogne hopes the manager will not be hit with a touchline ban.

He added: "Of course that's a disappointment for everyone.

"We want to have our leader on the bench, that's important for everyone.

"If that's the case, it's something we have to deal with and I think we will deal with it quite well."

Celtic was reduced to nine men in the derby clash and the club is also contesting Cha Du-Ri's red card for a challenge on Lee Wallace on the edge of the area.

Rogne felt Murray's decision to dismiss the player was wrong but was reluctant to criticise the match official.

He said: "I haven't seen the situations again but I think the first sending off was not a sending off. That's what I felt out there.

"It's a very difficult job for a referee and things happen so quickly and he sees a man going down.

"But I'm not sure it was the right decision. First of all, I didn't think it was a free-kick, I don't think he challenged and I don't think he touched him that much.

"I also thought that Charlie Mulgrew was covering him so he wasn't the last man.

"As I said, it's a very difficult job for the referee and I'm not going to criticise him too much because we know how difficult it is."

Celtic has now lost two vital matches in a row, having also suffered defeat to Kilmarnock in the Scottish Communities League Cup final.

However, Rogne denied the Hoops have a psychological issue when it comes to big, high-stakes matches.

The Norwegian defender said: "We have played big games before and won them.

"I don't think think it's a mental thing. Going into big games is not a problem for us, it's something we all look forward to.

"Of course we were disappointed with the last two games.

"We wanted to win them but sometimes it happens in football that you lose important games. It's part of the game.

"We are just looking forward to turning it around again."

McCoist's side claimed a 3-2 win over title-chasing Celtic in a tumultuous derby which brightened the mood at Ibrox after Rangers entered administration last month.

McCoist told Rangers' Blues News: "I'd have to say I thought the atmosphere created by the Rangers fans was one of the best I've ever heard at Ibrox at the weekend.

"I was talking to the gaffer (Walter Smith) about it afterwards and we were both in agreement about it. The atmosphere from the Rangers fans was absolutely fantastic.

"Two of the best games I've been involved in were against Dynamo Kiev and Leeds United but as Old Firm games go, that took a bit of beating.

"The fans needed a wee break and thankfully the players gave them one. It was a welcome result."

Meanwhile, the Rangers Fans Fighting Fund has reached £250,000 ($381,212).

The Rangers website reported the sale of Union flags at the Celtic match generated over £47,000 ($71,669), while one of the club's corporate clients donated £10,000 ($15,249).

The Parkhead boss has allegedly breached rule 203 which pertains to 'misconduct at a match by dissent, the adoption of aggressive behaviour towards a match official and the repeated use of offensive, abusing and insulting language' and has until next Tuesday to respond.

However, the allegations contained within that rule are at odds with Lennon's account of the incident.

"I spoke quite quietly and coldly to the referee in the tunnel," said the former Celtic skipper after the game. "I didn't swear and didn't point any fingers.

"I told him I wasn't happy with his first-half performance.

"I was speaking to the match delegate after the game and their version of events are different from mine but I've got witnesses to back me up.

"Alan Thompson (coach) and our PR person was there, and a couple of other members of staff and players."

The SFA has set the Principal Hearing Date for Thursday, 19 April but the SFA's Compliance Officer, Vincent Lunny, and Lennon are set to tangle before that.

Lunny has already written to the Celtic manager asking him to explain his comments after last week's 1-0 Scottish Communities League Cup final defeat against Kilmarnock at Hampden where he described referee Willie Collum's decision not to award the Hoops a late penalty as 'shocking' and 'criminal'.

The Irishman is likely to fight both cases which will make for a feisty next few weeks at Hampden as more apparent misunderstanding emerged in the Ibrox fall-out.

Lennon's gripe about having to watch the second half on television in the bowels of the stadium took on a slightly different sheen when it was revealed that it was Celtic's own security staff who advised against him sitting in the stand.

During his post-match rant Lennon had said: "I can't sit in the stand for my own safety, that sums things up in this country.

"I would have sat in the directors' box but I was told for my own safety that it wasn't a good idea. I watched the second half in here (the media room)."

It was assumed - and at least in one case, reported - that it was Rangers' security who had given Lennon the safety advice.

However, the Parkhead club cleared up the situation through a statement which read: "Further to certain media reports today, for clarification, Neil was advised by Celtic's own security and operations staff not to enter the stand or directors' box area at Ibrox at yesterday's match.

"He was then provided another area by Rangers in which to watch the match."

A spokesperson for Rangers said: "Rangers Football Club can confirm that Neil Lennon was offered a seat in the directors' box to view the second half of yesterday's game.

"This offer was declined by Celtic's security staff and he was then accommodated in an alternative area."

Turning to matters on the pitch, Lennon described as 'nonsense' accusations that his players are big-game bottlers.

The disappointment of Ibrox came just a week after the Hoops were on the end of a shock defeat to Killie, which ended hopes of a domestic treble.

Celtic's doubters will point last season's League Cup final defeat by Rangers at Hampden and the upset at Inverness last May which ultimately cost it the championship.

However, Lennon, whose side is 18 points clear of the administration-hit Ibrox club, is adamant that when it does eventually win the title, it will be a worthy champion.

"People can throw the accusation we don't win the big games all they want - but it is a nonsense," he told the Evening Times.

"Every game is a big game for us, and these players have been fantastic.

"We'll have to wait a little bit longer (for a title party).

"But my players showed in the second half why they are going to be the champions.

"They've got pride and they've got quality and kept going right to the end."

But the Parkhead club will not challenge referee Calum Murray's decision to dismiss Victor Wanyama in the clash at Ibrox.

Cha was sent off after 29 minutes for denying Lee Wallace a goalscoring opportunity on the edge of the box.

Wanyama then saw red after 57 minutes for a challenge on Steven Whittaker as Celtic ended the Scottish Premier League match with nine men, while manager Neil Lennon was also sent off at half-time.

A statement from Celtic read: "Celtic are to appeal against the red card issued to Cha Du-Ri during Sunday's derby match against Rangers at Ibrox.

"The South Korean defender was sent off in the first-half of the match by referee Calum Murray following a challenge with Lee Wallace of Rangers.

"There will be no appeal against the red card issued to Victor Wanyama in the second half of the match.

"And the SFA today confirmed that Neil Lennon will face a misconduct charge next month relating to Sunday's game."

Lennon was banished from the dug-out in the second half after speaking to Murray in the tunnel area at the interval.

He was called into the official's room and sent to the stand, although the Hoops boss said he had to watch the second half on television in the Ibrox media room 'for my own safety'.

On the flash-points, Lennon said after the game: "The first one is not a sending off and the second is borderline probably, you can't tackle like that.

"My sending off is joke. I don't think I deserved to be sent off. My staff are very angry about it, my players are angry and disappointed."

Victory would have allowed the Hoops to clinch the trophy at the home of their greatest rival - the first time since such a scenario would have taken place since Rangers won the championship at Parkhead in 1999.

However, Celtic's celebrations were put on hold as the beleaguered Scottish champion claimed victory on a day when three players saw red and Celtic boss Neil Lennon was sent to the stand.

McCoist said: "I know you won't believe me but I didn't want to win the game to stop Celtic winning the title.

"I'm not interested in that to be honest with you.

"I wanted to win the game because we were playing our biggest rivals in one of the biggest fixtures of the season. There was no more pressure, no more desire.

"I've been really fortunate to have been involved in so many Old Firm games and it would be wrong of me to tell you that I wanted to win one more than another because that's not the case.

"I've wanted to win every one as much as the previous one and the next one."

According to McCoist, if there was any extra motivation to win this game, it was the chance to reward supporters for the way they have rallied around since the club was plunged into administration on 14 February.

He added: "That's what we wanted more than anything.

"In the current times, when we are having a struggle with one thing and another, we all feel that our support has been absolutely magnificent in their support of the club and the team in what is a traumatic and very difficult time.

"We really, really wanted to win that game for the support today. Also for the players as individuals and as a team, but we wanted to win for the supporters.

"We didn't want to stop Celtic doing this, that and the next thing - we wanted to win the game for ourselves and the support, who deserved it. Hopefully they will be going home happy."

Administrators Duff and Phelps are keen to find a buyer for Rangers, with four bidders having already expressed an interest in taking over the club so far.

And McCoist believes this battle between the Glasgow giants can only help the club's search for a new owner.

He said: "Regardless of the result today, the welfare of the club is the most important thing by a country mile.

"I would say, if there are any potential buyers watching today, it would be difficult to argue anything other than they would be impressed by what they saw, in terms of the team, the game, the stadium, the support and the club in general.

"I would be very hopeful that today would be a positive step in somebody stepping forward to take the club forward."

Celtic was reduced to nine men when Cha Du-Ri was sent off for a foul on Lee Wallace on the edge of the box, before Victor Wanyama was dismissed for a challenge on Steven Whittaker, with Lennon also sent to the stand at half-time.

Rangers then saw its own numbers reduced when referee Calum Murray sent off Carlos Bocanegra for a foul on Georgios Samaras, before skipper Scott Brown converted from the resultant penalty.

Lennon was unhappy with the performance of the match official afterwards, claiming Cha should not have been shown a red card, while describing Wanyama's dismissal as 'borderline' and his own punishment as 'a joke'.

Asked for his own thoughts on the match's flashpoints, McCoist said: "The game has changed. The problem is that we probably need to change with it.

"I'm not saying it has necessarily changed for the better because unfortunately nowadays there is no such thing as a foul - it's either a yellow or red card.

"The referee is only applying the laws the way he sees it.

"Did he (Cha) prevent a goalscoring opportunity? Probably. Is it a soft sending-off? Probably.

"Did Wanyama go in with a two-footed tackle? Probably. Did he set out to harm the player? Definitely not in my opinion.

"With Bocanegra, is he last man preventing a goal-scoring opportunity? Again, probably.

"I think the referee certainly has a case to say he was right in every decision but the reason managers and coaches probably get a little bit upset about it is just because the game has definitely changed.

"In my opinion, not really for the better. It's difficult now just to see a free-kick because there is something else involved, a yellow card or a red card, and I don't necessarily think that's good for the game."

Sone Aluko opened the scoring when he grabbed the only goal of the first half, before Andy Little netted within seconds of coming off the bench and Wallace claimed Rangers' third.

Celtic then mounted a late comeback with Brown's penalty, before Thomas Rogne added to its tally in injury-time, but it was not enough to avoid defeat.

McCoist said: "The win was the most pleasing thing for me.

"In what has been a bizarre and strange season all round with one thing or another, I would argue that our two best performances of the season have been against Celtic at home.

"It's been well-documented that it's been a strange season but today's performance and the performance against Celtic in the first game here have been real high points of a difficult season."