Sale Sharks owner Brian Kennedy has revealed that he does not know why his latest bid for Rangers has been rejected.

Kennedy, who is part of the Blue Knights consortium, was told by administrators Duff & Phelps on Friday that the offer was not suitable for the stricken SPL club.

Asked why he had failed, the Scot told Sky Sports News: "I can't answer that. We've talked at length to the administrators over the weeks.

"We felt that we'd got up to the quantum level they were looking for. We always thought that the big stumbling block was Craig Whyte's shares.

"I went up to Inverness last Sunday to Craig Whyte's castle, met him, talked to him over three hours and he then agreed to give the shares over so that is no longer an issue.

"So we can only guess that this late bidder has come in with a knock-out bid and is an extremely credible individual."

Former Sheffield United chief executive Charles Green is now thought to be the favourite to take over Glasgow club.