Craig Whyte refuses to sell Rangers shares to Paul Murray

Rangers owner Whyte won't sell to former director Murray

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UPDATED:

10:32 GMT, 29 March 2012

Rangers owner Craig Whyte is refusing to sell his shares to former Ibrox director Paul Murray's Blue Knights consortium.

Murray is trying to gain control of the Glasgow giants following their move into administration and is one of five bidders.

Duff and Phelps, the administrators, want new owners in place by the end of the season but Murray admitted he may be forced to reconsider.

Frustrated: Paul Murray (right) may have to reconsider his bid for Rangers

Frustrated: Paul Murray (right) may have to reconsider his bid for Rangers

The Gers owner removed Murray from the board last year following a row over him being opposed to Whyte's takeover.

Murray told the Daily Record: '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.

'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.

No deal: Craig Whyte will not sell to Murray

No deal: Craig Whyte will not sell to Murray

'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.'