A CONSORTIUM of high-profile British-based businessmen could be announced as frontrunners to take control of Rangers within 48 hours, and former manager Graeme Souness has been lined up to play a role in the takeover.

Craig Whyte has agreed to sell his shares to the group for £1.

Administrators Duff & Phelps believe the group can back up their plan to invest around £10m in a stand alone Company Voluntary Arrangement (CVA), can show proof of funds and have a letter from Whyte confirming that he is prepared to transfer his 85.3% shareholding. The possible involvement of Souness, who managed the club from 1986 to 1991, will create huge interest.

Souness has actually been earmarked for a role by two of the rival bidders, as Brian Kennedy is also prepared to involve him in a new regime. It remains unclear if Souness will invest or be involved in some other capacity.

Although the position of Kennedy remains vague in relation to his connection to the Blue Knights, the Sale Sharks owner has had talks with Duff & Phelps over the past few days. The Knights' offer, also for a CVA, remains on the table. Two other bidders have also lodged offers. One is a Middle East-based group and the other is from the Far East and involves previous bidder Bill Ng from Singapore. Both those bids are based on a takeover model comparable to the newco proposed by Bill Miller. Whyte is prepared to deal with two of the four potential new owners, believed to be the English group and Kennedy.

"We've had quite detailed discussions with three of the four bidders," said joint administrator David Whitehouse. "They are very real bidders and although two of them are very late to the table they are very advanced in their thought process, well engaged with advisors and well funded. Both bids would be, I believe, popular with fans. They are known names in football and the Scottish community. There is more natural empathy than Bill Miller had. There is a Rangers connection there.

"These bidders are in a position where they are well known and if they put their heads above the parapet there will be a crescendo of interest and support and they don't want that yet. "

According to Whitehouse, Whyte is ready to do business. "To our knowledge, there are written agreements in place with two of the bidders to transfer his shares," he said.

Duff & Phelps met with representatives from the Rangers Fans Fighting Fund yesterday and were cautiously optimistic about the British bid, although Herald Sport understands there is wariness about conferring preferred bidder status again so soon after it was granted to Miller.

The problem with any CVA is that it would take several weeks to pull together, present to creditors, be voted upon and confirmed. Until that is done the club will be short of money to meet running costs in June and early July, so the potential owners may have to cover those for several weeks without any guarantee that they would assume ownership.

Whitehouse said either bidder trying to execute a CVA would face a shortfall of up to £3m a month into the summer. But gate receipts worth £6m-£10m would be available from season ticket sales. "After the creditors' meeting, there is 28-day period where people could appeal the CVA, so there's a level of vulnerability during that period," he said.