A Singapore-based consortium edged closer to a takeover of ailing Scottish giants Rangers on Tuesday, following the withdrawal of a rival group bidding for the club. The five-man grouping led by Singapore businessman Bill Ng is expected to be named as the preferred bidder for the Glasgow outfit after the Blue Knights consortium stepped aside late Monday.
The Blue Knights, fronted by former Rangers director Paul Murray, had been invited to enter into exclusive talks with administrators Duff and Phelps with a view to locking up a deal. However Murray's group said they were unable to match the terms of a deal agreed by the Singapore consortium and investment firm Ticketus, who helped finance Craig Whyte's take-over last year.
The Blue Knights said in a statement to the BBC they were taking "a step back to enable Duff and Phelps, Ticketus and the Singaporeans to conclude a deal as quickly as possible or not. "We stand ready to complete our offer of April 4 which included a deal in principle with Ticketus. "We still believe that a partnership with Ticketus represents the best opportunity of the club exiting administration via a CVA (company voluntary agreement).
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