Rangers administrators Duff & Phelps have confirmed that they are in 'advanced talks' with two parties over a takeover at the club.

Former Sheffield United chief excutive Charles Green is thought to be favourite to buy the stricken SPL outfit after the Blue Knights consortium had their bid rejected on Friday.

"The most important information today for Rangers supporters is that discussions with two bidding parties are at a very advanced stage and we hope to reach agreement with one at the earliest opportunity," joint administrator David Whitehouse said in a statement.

Whitehouse also hit back at Brian Kennedy after the Sale Sharks owner, who is part of the Blue Knights consortium, claimed that the administrators would have "blood on their hands" if they got their choice of preferred bidder wrong.

"For the avoidance of doubt some of the comments made at today's press conference were grossly misleading," he added. First I would state unequivocally, that every opportunity was afforded to these parties.

"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.

"Time and again he and others have been afforded the opportunity to become the best bid in play and it has not happened. We have a statutory duty to accept the best bid that is deliverable."

Rangers edged nearer to a takeover on Thursday when owner Craig Whyte agreed to sell his majority shareholding in the club.