It is the emotional attachment of so many people to Rangers, their sense that the club represents something of consequence and sentiment, that has been the source of hope through this crisis.

Without the fans, their commitment and their willingness to become involved, the club would stand even more exposed. This value is significant, but it will not determine Rangers' future.

The administrators are in an awkward position. Their obligation is to generate as much money as possible for the creditors, but they are aware of the dangers that exist in the next owner of the club being speculative or seeking only a quick profit. Leeds United and Portsmouth found themselves exploited when they suffered insolvency, with the latter have fallen back into administration again only recently.

Any decision involves a compromise. Rangers fans are torn between the promise of being involved in the running of the club if Paul Murray's Blue Knights consortium takes control – the likelihood is that a share issue would quickly follow – and the proven funds that Brian Kennedy, the Sale Sharks owner, can call upon. The conflict is, in effect, between their own involvement and the presence of a benefactor.

Other bids have been received, including one from Club 9 Sports, a Chicago investment firm that failed to buy Tranmere Rovers and Sheffield Wednesday, and, it is thought, from Fortress, a New York-based group that held discussions with Craig Whyte but has since said he is not formally part of their bid. There is interest too from a Middle East consortium, who have indicated their intention to make an offer.

Many clubs are funded by wealthy individuals, but that can only be a short-term solution, and Rangers have discovered the damage that can be caused by the vanity and loss of perspective of a sole owner. Shared governance, between a group of wealthy individuals and supporters in a membership scheme, would be a form of protection, but also an opportunity to re-emphasise the bonds between the fans and their club.

That would leave Murray and the Blue Knights as the most suitable new owners, with the intentions of the various foreign investment groups too risky. There is little money to be made in Scottish football, even if Rangers could be bought for much less than their potential market value. Kennedy would stand somewhere in between, independently wealthy enough to fund the purchase on his own, but with a proven track record of investing in sports clubs because of their social worth and importance to their community.

"I don't think we can give any substantial weight to an emotional attachment to the club, so really it's about the financial side of it," said Paul Clark, one of Rangers' joint administrators. "Those with an emotional attachment and financial backing would find themselves well-placed. It's mainly about how much money they're sticking into the creditors pot, but there are within [several of] the offers details of how they see the club going forward and we take that into account. We've already checked them out and obtained confirmation of their financial position. There will be a further round of due diligence when we get to the final one or two."

There are still issues to be resolved, not least Whyte's shareholding, since he remains the owner and so would have to agree to a sale. Having met him last week, Clark remains adamant that Whyte will pose "no impediment" to any deal, but there is also the influence of Her Majesty's Revenue and Customs, who will likely be the dominant creditor and so effectively hold the decisive vote when it comes to considering a company voluntary arrangement, which is the only route out of administration that allows Rangers to remain the company that was founded 140 years ago.

That historical significance is invaluable to supporters, and many feel more reassured now that several potential new owners are seeking to buy the club and bring it out of administration conventionally rather than waiting for the assets to be sold off and a new company being established. The urgency is to find a new owner who is prepared to take measured decisions.

"The next owners would have to have the club's interests at heart and have a feel for the club," said Ally McCoist, the Rangers manager. "[The administrators] are very aware of what has caused the current situation and they'd see it as pointless to put the club under that threat again."

HMRC will demand to see estimates of future cash flows as well as the implementation of a strong corporate governance structure if they are to agree to a CVA. That will need to be provided by the new owners, with talks facilitated by Clark and his colleague, David Whitehouse, so there are still many issues to be addressed.

The administrators remain confident that the court case with Ticketus will confirm their deal to buy the rights for future season ticket sales will not apply to a new owner. That may then affect their involvement with the Blue Knights. There are also potential disciplinary sanctions from the Scottish Football Association and the Scottish Premier League, but they are considered minor complications rather than hindrances to any sale.

"I don't think any bidder has been warned off, but they're asking if there's any more to come," said Clark. "It's noise we could do without."