The uncertainty surrounding the proposed takeover of cash-strapped Scottish football giant Rangers has deepened with the news Brian Kennedy is reviving his bid for the 140-year-old Glasgow club.
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.
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