Herald Sport understands Ticketus received a draft version of the document yesterday, and negotiations prompted some alterations which prevented the document being formally released last night.

The proposal outlines the extent of the pence-in-the- pound settlement offer funded by the £8.5m bid for the Ibrox club made by Charles Green's consortium.

Once creditors have received the proposal, a meeting will be held 14 days later to vote on the offer – with Duff & Phelps hoping that will be on Thursday June 14.

"The proposal will offer the best return for all stakeholders," said Paul Clark of Duff & Phelps. "If approved by the creditors, the CVA proposal will rescue the company and finally enable it to exit administration."

Herald Sport also understands that, having already paid an exclusivity fee, Green will be required to deliver the next instalment of the consortium's £8.5m purchase price on publication of the CVA document. This would be a seven-figure amount, suggesting that he has finally sourced the funds to complete the deal, despite doubts about his loose coalition of investors.

It was also confirmed yesterday that Rangers have been granted a two-week grace period by the Scottish Premier League to submit audited accounts, which are required to be granted a club licence by the SFA. The SPL board has the discretionary powers to allow a club to retain its membership of the league despite not meeting the deadline, and apply sanctions.

"The last audited accounts submitted by Rangers were to June 2010," said Jack McLaren, audit partner with Johnston Carmichael Chartered Accountants. "They maybe hadn't been completed by the time the club went into administration, but the files can certainly be finished in the additional time given."