The Blue Knights consortium would have appointed Graeme Souness and Walter Smith to a new “football board” at Rangers had they bought the club.

Consortium members Brian Kennedy and Paul Murray held a media conference on Friday afternoon to explain why they had withdrawn their bid to buy the crisis-hit Ibrox club.

After explaining the financial structure of their bid to take the club out of administration via a CVA, the duo explained that they would also restructure the football side of the business to move forward.

That plan involved setting up a “football board” that would be headed by Smith and Souness.

Kennedy explained that the former managers would help attract talent to the club, with Souness bringing an international profile.

He insisted that the move would not undermine manager Ally McCoist, who would have remained in place in the new structure.

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