Sale Sharks owner Brian Kennedy has revealed his "fears" that Rangers could go out of business due to the ongoing saga regarding a proposed takeover of the Scottish club.

The former Scottish Premier League champions were on course to be out of administration by the end of the month after American businessman Bill Miller was granted preferred bidder status by the Gers' administrators from Duff & Phelps last week.

Despite a positive move forward for the Glasgow-based club, Miller withdrew his bid yesterday, which has left Kennedy and consortium Blue Knights open to launch a new offer for the stricken outfit.

"Words fail me," Kennedy told the Daily Record. "All my worst fears are coming to pass. In the meantime, I am reflecting on my own position.

"I'm not trying to be a smart ass here. This was a clear sequence of events. I could see it, every Rangers supporter could see it was likely to unfold. And yet here we are, in an even more perilous position than ever. My worst fear is that we could see a padlock on the gates of Ibrox.

"I don't give a monkey's about the Americans pulling out. I care about the damage that has been done in between and where it will all lead to."

It is understood that the administrators are considering three fresh bids for the club, with Kennedy and the Blue Knights not considered one of them.