Rangers takeover: Paul Murray's Blue Knights pull out of bid Published on Monday 16 April 2012 21:23 THE Blue Knights group have pulled out of bidding for Rangers, administrators Duff and Phelps said tonight. The group was led by former Ibrox director Paul Murray and was responsible for one of three bids lodged to take charge of the club. David Whitehouse, joint administrator, said: "It is disappointing the Blue Knights are withdrawing at this stage, particularly in the view of the fact that last week it was made clear to them and Ticketus that their indicative bid placed them in a strong position. We were therefore surprised that their offer to pay an exclusivity fee was withdrawn and although discussions over the exclusivity fee continued over the weekend, no agreement was reached. "At all stages of the process, The Blue Knights/Ticketus bid has been given the most serious consideration by us as administrators, particularly due to the fact that it was being encouraged by supporters" groups. We are aware that Ticketus has also been, at their own instigation, in parallel discussion with one of the other bidders over the last few weeks and it remains to be seen whether these discussions will be taken forward. We can reassure supporters of the Club that we look forward to making an announcement on a preferred bidder later this week, assuming no further hurdles are placed in our path. While we as administrators have a statutory duty to look after the interests of creditors and keep the business going, it is of paramount importance that the bid which is taken forward is the best on offer for Rangers Football Club. A statement from the Blue Knights read: "On the evening of Thursday 12 April The Blue Knights Consortium ("the consortium") was asked by Duff & Phelps to reconfirm its "best and final" offer of 4 April. We reconfirmed our position and we believed that we would be awarded preferred bidder status on Friday morning. As part of the process of awarding exclusivity Duff & Phelps had requested a non-refundable deposit. During the course of Friday Ticketus informed us that they were not prepared to provide this deposit. During the course of the weekend individuals within the consortium offered to put up the deposit subject to a small number of conditions which were broadly agreed with Duff & Phelps. "During the course of the weekend we were also made aware that Ticketus had been in discussions with the Singaporean consortium who, on Friday, had offered Ticketus a "substantially" better deal to the one offered by us. We confirmed that we were not prepared to increase our offer to Ticketus which we believe to be in the Club's best interests. The consortium believes that the whole deal process has become incredibly complex and it is critical that a preferred bidder is appointed this week. As a consequence, and in the best interests of the Club, the consortium has decided to take a step back to enable Duff & Phelps, Ticketus and the Singaporeans to conclude a deal as quickly as possible or not. We stand ready to complete our offer of 4 April which included a deal in principle with Ticketus. We still believe that a partnership with Ticketus represents the best opportunity of the Club exiting administration via a CVA. We firmly believe that, in the best interests of the Club, the whole process has to move forward as a matter of urgency. We are stepping back to assist with this but we stand ready to re-enter the process if a deal can not be reached. Read the administrators" statement on Rangers" official website here