Rangers takeover: Latest updates as deadline looms Published on Wednesday 4 April 2012 15:40 TIME is running out in the race to take control of Rangers Football Club, with a deadline set by administrators of 5pm today for all bids to be submitted. 3.20pm: The Blue Knights consortium and Ticketus have confirmed they have submitted a "best and final bid" for Rangers ahead of today's deadline. Ticketus statement in full: "The Blue Knights Consortium, led by Paul Murray and supported by fans" representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus, confirms that it has this morning submitted its best and final bid for the acquisition of Rangers Football Club ahead of today's deadline, as requested by the Administrators. The members of the Consortium remain united in their belief that a collaborative approach is essential in securing the Club's future through a successful and swift CVA process. The Consortium strongly believes that a CVA, not liquidation, is the best way to protect the Club's value and legacy and consequently that is the approach presented in our offer. "Commenting on the final bid, Paul Murray said: "We are determined to try and save the Club in its current form. We strongly believe that there is value to be gained from the financial and football benefits that a CVA can deliver that would be immediately lost if the Club went into liquidation. We are confident in the strength of our bid and the Consortium's unique ability to rapidly return financial stability to the Club with the support of Ticketus. As a Rangers fan first and foremost, I want to bring a swift end to the current uncertainties that are clouding the Club. Our bid can deliver this. 3.09pm: Brian Kennedy will not submit a bid for Rangers by the administrators" deadline of 5pm tonight - but will come in at a later date if he he believes the Scottish champions are in danger of being liquidated. The Edinburgh-born Sale Sharks owner, who has had one bid rejected for being too low, will not go head-to-head with Paul Murray's Blue Knights consortium but is so fearful of Rangers being liquidated, that he will offer the administrators an alternative if they choose another bidder. Kennedy said: "I will not compete against the Blue Knights. But if the Blue Knights bid is rejected, and the bid accepted is going down the route of liquidation, I have left it open to the administrators to approach me to ask for an alternative bid. If I was them (administrators) and they didn't choose the Blue Knights then I would think it would be sensible to contact me and see if my alternative bid is more acceptable. I am a reluctant bidder but I am much more reluctant to see Glasgow Rangers go into liquidation. People have asked me about teaming up with Blue Knights but by remaining independent, we could cover more bases. 1pm: A round-up of this morning's newspaper stories...