Former Sheffield United chief executive Charles Green has agreed a deal to buy Scottish Premier League side Rangers.
The deal will be announced at the club's training base Murray Park on Sunday when the 59-year-old is due to outline his plans.
It is understood Green wants to form a Company Voluntary Arrangement (CVA) and he is backed with finance from Singapore businessmen.
He plans to watch Sunday's final SPL match of the season at St Johnstone.
Green joined the race to rescue the crisis-hit club last week before previous favourite Bill Miller withdrew his bid.
Since the American Miller pulled out, the Blue Knights, led by former director Paul Murray, and Sale Sharks owner Brian Kennedy had hoped to be named preferred bidder on Friday.
Kennedy said he had spent three hours at Rangers owner Craig Whyte's castle discussing the crisis at the club and that Whyte had agreed to transfer his 85% shareholding to him.
He had flown from New York to Glasgow overnight on Thursday expecting to get the nod from administrators Duff & Phelps to complete a period of due diligence and to proceed with the CVA.
However, Green's late bid proved to be more attractive to the administrators whose role is to secure the best deal for the club's creditors, of whom HMRC and Ticketus are the key players.
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