Consortium out of Rangers talks

Updated: April 17, 2012, 10:31 AM ET
Associated Press

GLASGOW, Scotland -- A consortium fronted by former Rangers director Paul Murray has withdrawn its offer to buy the stricken Scottish club, leaving two foreign-based bidders in contention.

The fans-backed Blue Knights consortium says it has decided to "take a step back" to enable club administrators Duff & Phelps to conclude a deal with a group fronted by Singapore businessman Bill Ng.

American businessman Bill Miller, chairman of a Tennessee-based towing and recovery equipment company, is the other bidder being considered by the administrators tasked with saving the 140-year-old Glasgow club, which is in bankruptcy protection.

Duff & Phelps says in a statement it is hoping to make "an announcement on a preferred bidder later this week."

Copyright 2012 by The Associated Press