DOUGLAS PARK last night confirmed he has joined the Blue Knights consortium trying to rescue Rangers from their financial meltdown.
The wealthy owner and chairman of the Hamilton-based Park's Motor Group joins London finance company Ticketus as a confirmed member of the Blue Knights group, which is being pulled together by former Rangers director Paul Murray.
The Herald understands 10 people have now made financial pledges and their identities will be revealed in the coming days.
Stage one of the Blue Knights' plan is to buy the club and take it out of administration through a Creditors Voluntary Agreement (CVA). If that succeeds, stage two is a share issue open to all supporters.
When Mr Park was contacted in Switzerland by The Herald last night, he said: "I can confirm that I have joined the Blue Knights consortium.
"I believe the plans that are being put in place are the best solution for the club to hopefully begin the road to recovery from this perilous situation.
"As I have said before, there have always been people willing to invest in Rangers if the conditions are correct and the people involved are the right people." He added: "This is a thoroughly thought-out plan that has been worked on for the past four weeks."
Mr Murray will step up efforts to strike a deal with administrators Duff and Phelps when he meets them in London this afternoon with executives from Ticketus who are now aligned with the Blue Knights.
It was Ticketus, an off-shoot of investment firm Octopus which has a net worth of £3 billion, which entered into an agreement with shamed owner Craig Whyte in April to buy more than 100,000 advance season tickets over four years in return for £24.4 million.
Whyte then used £18m of that to pay off Rangers' debt to Lloyds Banking Group.
Ticketus confirmed on Friday it had joined the Blue Knights, along with various fans' group.
Administrators Duff and Phelps say the Ticketus deal could be declared null and void but it is feared such a legal move could tie the club in knots with legal challenges lasting months.
That is time Rangers do not have as players have only agreed a wage cut until the end of the season in May.
Ticketus is also aware it could lose out on millions and, after discussions with Mr Murray, its senior executives decided to work with potential new owners on a compromise deal and become a business partner of the club.
Duff and Phelps say interested parties must make their moves for Rangers by this Friday.
It is believed there are only three serious buyers: the Blue Knights; a consortium from Singapore; and Scots businessman Brian Kennedy, who owns Sale Sharks rugby team and who met manager Ally McCoist last week.
Mr Kennedy is an associate of former owner Sir David Murray and former Rangers manager Graeme Souness, and is believed to be in dialogue with both of them over a proposed bid by Friday's deadline.
He has told the Blue Knights he will step aside if their bid is successful.
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