A consortium headed by former Sheffield United chief executive Charles Green have had an offer accepted for Rangers.
The deal has been signed and sealed after the consortium saw an unconditional offer accepted by administrators.
Loading article content
Green's group has an "irrevocable" contract after paying an exclusivity fee and, unlike former preferred bidder Bill Miller, cannot now back out.
The group plan to put a Company Voluntary Arrangement (CVA) proposal to creditors this month with a target date of June 6 for it to be decided.
Administrators Duff and Phelps believe it will succeed with £8.5million on the table from Green's group.
If so the club could then come out of administration after a 28-day period and well before the start of next season.
If the deal does not succeed, the group will push for a newco arrangement, the plan favoured by Miller.
Green spoke at length at a media conference at Rangers' Murray Park training ground this morning where he revealed the structure of his team.
Green said: "There are 20 individuals and families who have pledged support. The cash is in a bank account.
"No investor will own more than 15%. There are some investors from the UK, the Middle East, Asia and the Far East.
"If we get the CVA through we will release the names."
Duff and Phelps confirmed this morning that the group fronted by Green had been given the nod.
In a statement on the club's official website, joint administrator David Whitehouse said: "We are very pleased to announce that we have accepted an offer from a consortium headed by Mr Charles Green for the purchase of Rangers Football Club."
He added: "Mr Green has secured, via a substantial financial commitment, a period of exclusivity to complete the purchase of the club and this is expected to be finalised at a creditors' meeting on June 6.
"The structure and quantum of the offer from Mr Green is such that it is acceptable to us as administrators and, having been in discussions with major creditors throughout the process, we believe this presents the best prospect of financial recovery for creditors.
"Mr Green, through a corporate vehicle, has entered into a binding commitment to inject funds into the Rangers Football Club plc so that the administrators can propose a Company Voluntary Arrangement which, if approved by creditors, will result in their claims being compromised for specific amounts and the company exiting administration free of the historic debt and with new owners.
"Work on issuing a CVA proposal has already started and will proceed with utmost urgency. If the creditors do not approve the Company Voluntary Arrangement, the agreement obliges Charles Green's purchasing vehicle to acquire the business and assets of the club on agreed terms, through a newco structure. It is Mr Green's strong preference to achieve a CVA."
Green said: "I am delighted our proposal to purchase Rangers has been accepted and we are working night and day to finalise matters.
"This is a great football club with a tremendous history and we will preserve that while building a solid platform for the future. Rangers supporters have every right to believe their club should be a success on and off the pitch and that is exactly what we will strive to achieve.
"At all times we will make decisions that are in the best interests of the club. Not every decision at a club can be popular but I can tell every Rangers fan now that whatever decision is taken they will always be told the truth."