Ticetus have announced that they will no longer fund a takeover bid with the Blue Knights consortium for stricken club Rangers.

The news will come as a blow to the Scottish Premier League club, who were recently hit with a transfer embargo and hefty fine after being found guilty of bringing the game into disrepute.

A spokesperson for Ticketus said: "Following extensive discussions with the Blue Knights, led by Paul Murray, Ticketus today confirms that it has withdrawn from the Blue Knights Consortium after it was unable to finalise satisfactory terms of agreement for its investors with the Blue Knights around restructuring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.

"Consequently Ticketus is no longer able to play a role in the Consortium's bid for The Rangers Football Club PLC at this stage. Ticketus first and foremost has a duty to its investors to protect the investment that it currently has in the club.

"Our willingness to work with all interested bidders, and to try and be part of a solution for the club, was undertaken with the objective to agree terms that would satisfy both our investors' needs as well as being in the interests of the club, its fans and its creditors.

"Regrettably over the course of this week it became impossible to reconcile these interests with the proposals put forward by the Blue Knights as the terms of a deal became clearer."

Rangers fell into administration in February.