Rangers administrator David Whitehouse is anticipating an improved offer from the Blue Knights after telling the consortium their package is unlikely to satisfy the club’s creditors.

Ticketus, who are owed £27m (€33m) from Rangers over the next three years, have pulled out of the Blue Knights consortium bidding to buy the club.

A lawyer participated in a “conspiracy” with Craig Whyte before doing “a runner”, administrators alleged at the High Court today.

Rangers’ administrators have urged fans to be patient for “a few more days” with talks set to continue over the weekend in the search for a new owner for the club.

Ticketus remain happy to work with Paul Murray despite the former Rangers director announcing his Blue Knights consortium were taking a step back from the race to buy the club.

Rangers’ administrators Duff and Phelps will give further consideration to three of the four bids submitted for the club yesterday.

Rangers’ administrators signalled there could be five bids for the club 24 hours ahead of this evening’s deadline – but confusion subsequently surrounded the intentions of one of the frontrunners.

Rangers owner Craig Whyte revealed he has been taking “extra precautions” after being warned by police over fears for his safety.

Paul Murray and Brian Kennedy tonight confirmed they had issued takeover proposals for Rangers ahead of the deadline set by the club’s administrators.

Rangers director Dave King believes it is "inevitable" the club will plunge into liquidation and has launched a series of scathing attacks on former owner David Murray and the current regime under Craig Whyte.

Rangers manager Ally McCoist admits he was “shocked but not surprised” by revelations that owner Craig Whyte used the Ticketus money to complete his takeover of the club.

Money from the Ticketus deal was used by Rangers owner Craig Whyte to complete his takeover of the club, the administrators have said.

Rangers’ administrators have expressed concerns about the running of the club since Craig Whyte’s takeover in May last year.

Rangers have lodged legal papers signalling their intention to enter administration at lunchtime today.

Rangers chairman Craig Whyte insists he has a £25m “personal commitment” in the club as he again defended the deal to cash in on future season ticket sales.