Rangers takeover: Blue Knights see red at Duff and Phelps as they withdraw offer The newco, which is the easiest option in terms of deliverability, we believe is financially so difficult and has a range of other football issues. The sums of money involved in a newco structure are very large. Unless Duff and Phelps have got a plan that I haven't seen so far, then I think we are in a real crisis. They have made other choices in the past that have turned out not to be the right ones for the club. I really hope this time they've got it right. If they haven't, the future is pretty bleak. This is absolutely critical now. This is not about us owning Rangers Football Club - it's about Rangers Football Club surviving. Kennedy revealed he had flown to Inverness and taken a taxi to Craig Whyte's castle in Grantown-on-Spey to persuade him to turn over his controlling shareholding in the club. After three hours together Whyte agreed to put his agreement in writing. The Daily Telegraph understands that, at one stage last week, Whyte let it be known that he would yield control for a personal payment of £500,000 and the relief of his indemnity to Ticketus, the London agency to whom he sold four years" worth of season tickets in order to fund his purchase of the club a year ago. Although the administrators declared this week that Whyte had agreed to yield his stake for a nominal £1, it can taken as read that there is something of a rather larger nature in it for him in an orderly transfer. As the day wore on, Ticketus announced that it intended to sue Whyte for £26.7 million. Meanwhile, the name of Charles Green circulated among Rangers supporters as it emerged that the former Sheffield United chief executive was involved with one of the bidders still in discussion with the administrators. Initial reaction online among the Rangers faithful was not favourable, especially since Green's time at Bramall Lane was not marked with conspicuous success. One of his current connections is with Singapore, via his non-executive chairmanship of Nova Resources Ltd, who are based in the city. It was not clear last night if Green is connected with Bill Ng, the Singaporean businessman who re-emerged as an interested party earlier in the week. The Daily Telegraph can reveal that Ng was brought back to the table by a request from the administrators, understood to have been made last Saturday when they realised that Bill Miller, the American tow truck magnate, was getting cold feet. The administrators eventually responded to Murray and Kennedy with a statement in which Whitehouse said: "It is most unusual for us to comment publicly on individual bids but due to the allegations made by Mr Kennedy and Mr Murray today with the regard to our conduct as administrators we feel compelled to reveal important facts in relation to the various Blue Knights attempts to buy the Club. The fundamental reason we could not proceed with the Blue Knights/Ticketus combination was that we were advised there was not agreement within the consortium in relation to the funding of their bid. "Throughout the process Mr Kennedy told us repeatedly he would be the "last man standing." As Mr Kennedy today made a virtue of explaining publicly details of his bid we are in a position to comment on those remarks. "Of the £5.5 million cash on "day one" figure Mr Kennedy quoted, £3.5 million of that would be provided by us in any case from the Club's debtors. The bid structure also factors in performance in Europe, and reaching the later stages of the Uefa Champions League which cannot be achieved next season for example. We therefore find it extraordinary and very disappointing that Mr Kennedy in particular should assert that the amount being offered is irrelevant. Time and again he and others have been afforded the opportunity to become the best bid in play and it has not happened. Kennedy later responded by publishing a letter from his lawyer to Whitehouse. The letter addresses the value of the bid, pointing out that European income is based on the second and third seasons, that most of the £3.5million from debtors will be needed to fund trading losses in the next few weeks, and that the Knights had agreed to fund "huge" trading losses after June 1, when players' wage cuts finish. The lawyer, David Hinchcliffe, goes on to stress that the Knights' offer was the only one on the table. "You seem to be continually comparing the quantum of my client's bid against bids such as the Miller bid which are not real," Hinchcliffe wrote. As you know I have vast experience of people making bids for insolvent football clubs. I cannot see how any of these new parties can be making real bids when they have done no real due diligence. Proof of funds may have been provided but it does not make sense to me why investors would invest in Rangers without full due diligence by them and I would strongly recommend that full due diligence is carried out by you on these parties as there is no time to have another Miller situation. Finally, regarding your comment that Brian wanted to be the last man standing. In mine and Brian's view he is as we don't believe the other bidders will complete. If you want to talk to find a way to save this great club, Brian has said his phone will be on this evening otherwise I fear it will be too late. As revealed by the The Daily Telegraph this week, the SFA confirmed it will reconsider its punishment against Rangers next Wednesday. Rangers, by the way, play what might well now be the club's final game in its current form against St Johnstone in Perth on Sunday.