Paul Murray's bid to take over Rangers has hit a snag with news that owner Craig Whyte is not prepared to sell his shares to the former Ibrox director.

Murray has put together a consortium called the Blue Knights who he was hoping would be able to take control of the beleaguered Glasgow club but it appears that may not be the case with discredited chairman Whyte not about to sell his majority shareholdings to that particular bid.

"I've spoken to the administrators about this today and been told by them that Whyte is not prepared under any circumstances to sell his shares to my consortium," Murray told the Daily Record.

"The administrators have told me they are prepared to take legal action to deal with this issue.

"While I was pleased to hear them say that, as things stand the Blue Knights cannot be successful. I have little choice but to consider our position.

"What is the point in us presenting a bid we know will not be accepted?

"Unless I can legally obtain Whyte's shares I cannot enter into discussions about how best for the club to exit administration through a CVA (Company Voluntary Arrangement).

"This is fundamental to our plans to stop the club going into liquidation. While I am hugely disappointed in Whyte's actions I can't say I'm surprised."

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