American businessman Bill Miller has been named as the preferred bidder of Rangers by the club's administrators.
Miller had been vying with the Blue Knights consortium to gain control of the stricken Glasgow giants.
Cash-strapped Rangers were placed in administration back in February and are battling to avoid going into liquidation
Rangers' administrators, Duff & Phelps, had been weighing up the two bids and they have decided that Miller's offer would be commercially acceptable to the club's creditors.
Miller is thought to be keen on placing part of Rangers in an 'incubator' company while using a CVA to deal with the debt left behind.
Joint administrator Paul Clark informed staff of the news at a meeting at Ibrox on Thursday morning and revealed Miller hopes to complete his takeover by the end of the season.
Clark was quoted on the club's official website, saying: "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.
"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 in principle and he is now the preferred bidder.
"Mr Miller now proposes to complete his transaction by the end of the season."