AMERICAN tycoon Bill Miller has pledged to banish the "travesty" of Craig Whyte's era after winning the race to be named the preferred bidder for crisis-hit Rangers.

The trucking millionaire declared the problems during Whyte's ill-starred regime "will not happen on my watch" after his £11.2 million bid was given preferred status ahead of the rival Blue Knights consortium.

The founder and chairman of Tennessee-based Miller Industries, the world's largest manufacturer of towing and recovery equipment, plans to transfer the club's assets from administration into a new "incubator" company.

Mr Miller also said he would end the overspending culture that had previously existed at Ibrox.

Administrators Duff & Phelps also insisted Miller is not another Craig Whyte. "We have little or no suspicion of that," they said. The businessman, who has previously pledged that the club's 140-year-old history and name would remain intact, said it was a "great honour and privilege" to be afforded the opportunity to buy "one of the UK's most venerable football clubs".

Mr Miller said: "What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty, and from what I can see they have been badly let down by a number of individuals.

"This will not happen on my watch should I become the custodian of this great club.

"Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to Uefa financial fair- play regulations but also such that Rangers will never have to suffer this kind of anguish again.

"From now on, Rangers will live within its means – no excuses.

"I have fought hard to try and offer Rangers a fresh start, and I hope all Rangers fans will continue to rally round the club as we endeavour to leave behind this distressing chapter in the club's history."

He added his team had worked hard to ensure "there is no loss of history, no loss of tradition and no liquidation of Rangers Football Club".

The Blue Knights consortium said they were "surprised and disappointed" and warned of the financial consequences of Bill Miller's "newco" plan for Rangers.

Rangers Supporters Assembly spokesman Ross Blyth gave the plans a cautious welcome, saying they needed to know more about the American saviour. He said: "If he keeps his promises, it would be a fantastic deal for the club."

Mr Miller has placed the £11.2m purchase price in a lawyer's client account, which will be used to complete the deal once due diligence is done.

Duff & Phelps believe that showed a "demonstrable commitment" to the takeover of Rangers, which he aims to complete by May 13, the last day of the Scottish Premier League season.

Paul Clark, of Duff & Phelps, said: "Mr Miller's proposal can provide the opportunity for the club to return to success on and off the field."

They admitted Miller was given assurances from the Scottish Premier League and the Scottish Football Association before he took a step closer to taking control of Rangers.

They also said they had clearance and support for Miller's bid from creditors, including HMRC, which could be owed up to about £75m depending on the outcome of a tax tribunal.

HMRC said: "We will consider our position when any package is put to us."

Mr Miller will have to cope with a 12-month signings embargo, pending an appeal against the SFA penalty for bringing the game into disrepute.

Mr Miller has not yet said when he will visit the club.

Mr Clark said: "Mr Miller's proposal can provide the opportunity for the club to return to success on and off the field."

A source close to Mr Miller told The Herald: "There is a belief that you are going to liquidate the club. But there is nothing to buy if you don't have the history and the records and the rights to play.

"If you can clear the deck, and operate the thing correctly, long term, it's a fantastic opportunity and it will be worth a whole lot more.

"I would think on deep inspection, people would say Bill Miller is a man of substance and wealth and success, who has turned businesses around and it could be helpful. Integrity is important to him."

Administrators say the Blue Knights conditional bid remained "substantially" less than Mr Miller's unconditional plan.