The Blue Knights consortium have joined forces with Sale Sharks owner Brian Kennedy and have officially submitted an offer to Rangers.
The group, led by Paul Murray, have confirmed that a bid has been put forward in an attempt to take over Rangers and begin salvaging the struggling club.
A statement said: "We are pleased to announce that the Blue Knights, led by Paul Murray and Brian Kennedy, have joined forces and at 3pm today have submitted a written offer to the lawyers of the administrators to purchase Rangers Football Club.
"This offer we consider to be substantial and is conditional on a CVA being approved by the creditors, and Mr Whyte's shares being acquired.
"We hope this is accepted so that we may proceed with due diligence forthwith and make a start to the task of rebuilding Rangers Football Club of 1872."
It emerged earlier today that Ticketus had withdrawn their involvement in the bid due to the club's recent sanctions handed out by the Scottish Football Association for bringing the game into disrepute.
The Glasgow-based outfit fell into administration in February with administrators from London firm Duff & Phelps overseeing the financial workings of the club.
