A deal to sell Rangers to a consortium fronted by former Sheffield United chief executive Charles Green has been signed and sealed.
An unconditional offer was accepted by the Scottish Premier League club's administrators on Sunday.
Green's group has an "irrevocable" contract after paying an exclusivity fee and, unlike former preferred bidder Bill Miller, cannot now back out.
The group plan to put a Company Voluntary Arrangement (CVA) proposal to creditors this month, with a target date of June 6 for it to be decided.
Administrators Duff and Phelps believe it will succeed with £8.5million on the table from Green's group.
If so, the club could then come out of administration after a 28-day period and well before the start of next season. If the deal does not succeed, the group will push for a newco arrangement, the plan favoured by Miller.
Green spoke at length at a media conference at Rangers' Murray Park training ground on Sunday morning where he revealed the structure of his team.
Green said: "There are 20 individuals and families who have pledged support. The cash is in a bank account.
"No investor will own more than 15%. There are some investors from the UK, the Middle East, Asia and the Far East.
"If we get the CVA through, we will release the names."
Rangers manager Ally McCoist responded to the news of Green's offer being accepted with cautious optimism.
He told BBC Sportsound: "I really am relieved. For the sale of the club to go through, this step had to be taken.
"We are not out of the woods yet. Once the complete sale goes through prior to 6 June, I will be the most relieved man in the country."
He added: "I'm beginning to think that it is me that is the problem. I must be a cynic! The full takeover should be June 6. We still have a lot of questions that need to be answered."
McCoist revealed he met with Green on Saturday night.
He said: "It is very positive news. I believe the press conference went very well this morning. We are hopeful that this is a positive step.
"I met Charles Green in Glasgow last night for a couple of hours. It was a very positive meeting. We will meet again today or tomorrow."
Green revealed he had signed an exclusive deal with Craig Whyte to buy his 85% shareholding for £1, the price Whyte paid Sir David Murray.
"I gave him a pound out of my own pocket too, so he has made a 100% profit," Green added.
Green dismissed reports of previous links between himself and the businessman.
"It was complete rubbish," he said. "I met Craig Whyte for the very first time a week last Tuesday in London."
Administrator David Whitehouse revealed they had held discussions with Her Majesty's Revenue and Customs, who are expected to overtake Ticketus as the main creditors. A report by administrators revealed the total debt could rise to £135million with most of that sum dependent on a tax tribunal.
As well as the £8.5m from Green's consortium, there will be around £3.5m going into the creditors pot from football debtors, mainly from Everton for the sale of Nikica Jelavic.
More money could come at a later date subject to the success of a near £30m claim brought against Whyte's former lawyers, Collyer Bristow.
Whitehouse said: "That by some considerable margin is the best financial deal for creditors.
"We have been in regular discussion with major creditors for the last couple of weeks.
"They are aware of the nature of that proposal, they are aware it is the best deal and we have agreed it will be put forward at a creditors meeting.
"Now we have a period of drafting and the intention is the CVA proposal goes out on May 21. The headline detail of the proposal has been discussed.
"We can't get a commitment until they have an opportunity to consider it at senior level.
"There is a backdrop strategy such that in what we believe is the unlikely event it is not accepted, the deal would then revert to a newco strategy."
When asked if he was confident about the CVA's prospects, Green said: "We can't be confident. But my view and my upbringing in life is something's better than nothing.
"If they turn down the cash then the alternative is they will get nothing.
"I don't believe it's in the best interests of the people of the UK, which HMRC are responsible to, to turn down an offer where they get cash in order to receive nothing.
"It wouldn't be logical, however we have all seen many things that are not logical."
The Blue Knights, who administrators said were the lowest of four bidders, had questioned why this group had emerged so late in the process.
But Green revealed he had first been approached by a Singaporean family interested in investing on February 15, the day after Rangers had gone into administration.
Green managed to keep the interest out of the public spotlight but has performed due diligence, unlike Miller before he assumed preferred bidder status.
Green, who attended Rangers' Scottish Premier League clash with St Johnstone after the media conference, described his vision for the club as expanding the brand in the Far East.
And, addressing questions over the motives of his group, stressed that he wanted to run the club properly.
"Some football clubs can make money," he said. "Look at Reading, some clubs are run very well.
"Clubs will not make profits like Texco."
But he added: "If we can get Rangers Football Club in Europe then the club makes profit every year."
what do you think?
James Stevenson
Are they sure?
Hugh Taylor
Third division for Rangers I hope or the message will be loud and clear to all the other clubs in Scotland,,,,, You can cheat all you want, Spend money you dont have,make a fool of your loyal fans and you will not be punished because money matters more than the sport itself.
Gordon Wright
Surely the message here is - Pay your taxes!!!
Michael Jordan
8:36am on 13/5/2012
There is a lesson in this if Rangers had lost their place in the Scottish Premier Division the whole viability of Professional Football in Scotland would have been questionable. The conduct of an owner should never cause a viability crisis, surely the SFA needs a set of rules that allow it to intervene for the good of the game (without of course going as far as buying up the club in dificulties- we don't want backdoor 'nationalization').