Brian Kennedy and the Blue Knights have stressed that their bid for Rangers is conditional on a Company Voluntary Arrangement being agreed rather than a newco option for the stricken club.
Manager Ally McCoist said earlier today that he believed both offers submitted to administrators Duff and Phelps were likely to involve a newco situation but that neither bid involved liquidation.
American tycoon Bill Miller is the other interested party, with administrators hoping to name a preferred bidder this week.
Kennedy and the Blue Knights have moved to clarify their own position.
A statement from Kennedy`s spokesman read: "Following inaccurate media reports, the Blue Knights/Brian Kennedy consortium wishes to clarify its position.
"Firstly, on Saturday evening 28 April 2012, we submitted a materially increased offer which will be confirmed by the administrators, Duff & Phelps.
"Secondly, and for the avoidance of doubt, our offer is conditional on a CVA and the delivery of Craig Whyte's shares.
"If successful, this will retain the SPL membership share in RFC 1899."