Sale Sharks owner Brian Kennedy has reportedly dropped out of the running to buy struggling Scottish Premier League champions Rangers.

The rugby club owner was believed to be one of five bidders interested in saving the Glasgow-based outfit from going out of business, but it is thought that the club rejected Kennedy's offer, which was deemed too low, according to Sky Sports News.

The businessman earlier expressed his impatience at the club's administrators, who have yet to decide on a new owner for the club.

Kennedy recently said: "They need to get a move on, time is pressing on. I am pretty much speaking to the administrators on a daily basis, but I am not unique in that, the other bidders are too.

"But for the sake of the club we need to move forward. Contracts need to be sorted out, the club needs to know who is going to be playing next season and needs to ensure it has a good, competitive team."

It now appears that Kennedy will not launch another bid and is backing the Blue Knights to take charge of the Gers.