US businessman Bill Miller has been announced as the preferred bidder by Rangers FC administration.
Duff & Phelps have chosen tow truck tycoon Miller over the Paul Murray-led Blue Knights for preferred bidder status to take over the Glasgow giants.
Miller's reported offer of around £11.2million is seen to be commercially better for Rangers who fell into administration in February and risk going into liquidation.
It is believed that Miller's bid would allow the club to climb out of debt through what he describes as an 'incubator' company with the club then to come out of administration via a Creditors Voluntary Agreement.
"We are delighted to announce that today we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted and he is now the preferred bidder. Mr Miller now proposes to complete his transaction by the end of the season.
"After many weeks of negotiation and deliberation we believe that the structure of the bid from Mr Miller provides not only the most deliverable outcome but preserves the history of the club. Rangers Football Club will continue as the football club it has been for 140 years.
"Furthermore, Mr Miller and his team have sought clarity in relation to potential footballing sanctions and the place of Rangers Football Club plc within the Scottish Premier League. Significant progress has been made and discussions will continue throughout the period which Mr Miller now enjoys as preferred bidder.""We would like to thank all parties for their efforts in seeking to submit bids which preserve the long history and success of the club," joint administrator Paul Clark said in a statement.
