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

The investment firm had been in talks with Paul Murray, who is spearheading the Blue Knights' bid, over helping to finance a takeover deal. However, they no longer feel they can justify their involvement to their investors with this week's Scottish Football Association sanctions adding another obstacle to the process.

In a statement, the London-based firm said: "Following extensive discussions with the Blue Knights, led by Paul Murray, Ticketus confirms that it has withdrawn from the Blue Knights Consortium after it was unable to finalise satisfactory terms of agreement for its investors with the Blue Knights around restructuring its ticket purchase agreement."

The statement continued: "Consequently Ticketus is no longer able to play a role in the consortium's bid for The Rangers Football Club PLC at this stage."