The Edinburgh-born businessman has distanced himself from being a frontrunner for the takeover, stating that he felt sure his offer would lose out to the Blue Knights. He also described his bid to buy Rangers as a "fallback" option.

Mr Kennedy currently owns Sale Sharks Rugby Union Club having bought over the team in 2000. He owns the Aviva Premiership club through his majority shareholder stake in Cheshire Rugby Limited. Although he previously sat as chairman of the club, he does not currently hold a position on its board, according to documents on Companies House.

The businessman also has a majority shareholding in Latium Plastics Enterprises Limited, a group that designs and manufacture conservatories. Mr Kennedy’s other business interests include being chairman of Patrick Properties, which deals primarily with commercial and leisure properties.

The 51-year-old also invested money into the campaign for Kate and Gerry McCann to find their daughter Madeleine who went missing in the Algarve, Portugal, in 2007.

Mr Kennedy was also linked with a takeover of Hibernian FC in 1998 although nothing ever came of it.

He does count former Rangers player-manager Graeme Souness as a personal friend and has admitted speaking to him about the situation at the club, while Mr Kennedy has also met with current Rangers boss Ally McCoist.