Rangers administration: Brian Kennedy and Paul Murray still favourites in race to buy club Published on Tuesday 27 March 2012 03:21 BRIAN Kennedy and Paul Murray remain the front-runners in the race for control of Rangers after it became clear neither of them have been discouraged by the outcome of last Friday's court assessment of Ticketus" contract with the club. In the immediate aftermath of Lord Hodge's judgement from the Court of Session in Edinburgh, in which he declined to give firm directions to administrators Duff and Phelps over whether they could breach the £30.5 million deal for future season ticket sales struck by Craig Whyte, Kennedy indicated he would seek legal advice over the implications of the ruling. It is understood the Sale Sharks owner has since reached the conclusion that Lord Hodge's essentially open verdict on Ticketus" status with a post-administration Rangers is not an impediment to his bid for the club. Former Rangers director Murray, meanwhile, has now indicated that his Blue Knights consortium would still be in a position to press ahead with a credible offer for the club even without the support of Ticketus who are currently part of that bid. Murray regards the involvement of Ticketus as the most viable solution to Rangers" financial plight, offering the greatest likelihood of exiting administration through a Company Voluntary Arrangement with creditors and therefore avoiding the complete ignominy of liquidation. But if Duff and Phelps do decide to rip up the contract with Ticketus, who would be Rangers" largest unsecured creditor until the outcome of the HMRC case against the club is known, Murray is understood to be considering a reshaped bid without them. He is in continuing dialogue with Ticketus, who remain determined that their contract with Rangers is honoured, and is likely to reach a decision on what effect Lord Hodge's ruling will have on his bid within the next few days. Kennedy, meanwhile, is believed to have hardened what was a first a "reluctant" interest in buying Rangers. He attended Sunday's Old Firm match with close friend and former Rangers manager Graeme Souness. In the event of Kennedy taking control, it is understood boardroom roles would be offered to Souness and Walter Smith. Smith, who stepped down as Rangers manager at the end of last season, has already lent his public backing to Paul Murray's bid, which also has the approval of all three of the main Rangers supporters" groups. Duff and Phelps intend to narrow the list of potential new owners down to two or three by the end of the week. Club 9 Sports, the Chicago-based sports investment group, did not send an official representative to Sunday's game at Ibrox and the level of their interest remains unclear. Two other indicative bids are believed to have been lodged with the administrators - one from an unnamed British-based consortium and the other from a Singapore-based group being represented by Glasgow property firm The Bakhsh Group. Duff and Phelps also have another court date this week when they hope £3.6 million will be freed up to aid Rangers" ongoing cash flow problems and recovery. A judge at the High Court in London on Friday will decide on the claim for the funds currently frozen in the account of lawyers acting for the administrators. The money was seized earlier this month from Collyer Bristow, solicitors for discredited Rangers owner Whyte and who provided proof of funds for his takeover of the club to Sir David Murray last May.