Administrators at Rangers have confirmed that they have received two formal bids for the football club.
American businessman Bill Miller has now also made an offer for the club.
"We can confirm this afternoon that we are in receipt of two formal bids for control of Rangers Football Club. Both bids at this stage remain conditional," read a statement from joint administrator David Whitehouse.
"We are in receipt of a bid from Bill Miller whose bid is conditional on securing greater comfort and clarity from the football authorities in relation to sanctions against Rangers. Clearly, the events of last Monday night when the SFA's judicial panel imposed severe and, in our view, unwarranted penalties on the club had a destabilising effect on the sale process.
"This afternoon Brian Kennedy and Paul Murray submitted a bid which is conditional on a CVA being approved by creditors and we will seek guidance from prominent creditors. It is also conditional on the acquisition of the shares of Craig Whyte in the football club and we have asked for this and other points in the bid to be clarified."
The Glasgow-based outfit fell into administration in February with administrators from London firm Duff & Phelps overseeing the financial workings of the club.