The Blue Knights consortium has confirmed it has submitted its 'best and final' bid to take over Rangers ahead of Wednesday's 5pm deadline.
The group is headed up by former Gers director Paul Murray and is one of several parties expected to launch offers for the Old Firm giants, who were placed into administration in February.
Joint administrators Duff and Phelps confirmed on Tuesday that they were expecting to receive up to five bids for Rangers before the deadline.
The bid from the Blue Knights and Ticketus is the first to be confirmed as submitted ahead of the deadline.
A statement from Ticketus read: "The Blue Knights Consortium, led by Paul Murray and supported by fans' representatives (from the Rangers Supporters Assembly, the Rangers Supporters Association and the Rangers Supporters Trust) and Ticketus, confirms that it has this morning submitted its best and final bid for the acquisition of Rangers Football Club ahead of today's deadline, as requested by the administrators."
A US-led consortium involving Club 9 Sports and a Singapore group are also interested in a possible takeover, while Sale Sharks owner Brian Kennedy is waiting in the wings.
Kennedy has admitted the prospect of Gers going into liquidation 'frightens the living hell' out of him, but confirmed he is only likely to make an offer if the Blue Knights' bid is not accepted.
"I will not compete against the Blue Knights," said Kennedy.
"But if the Blue Knights bid is rejected, and the bid accepted is going down the route of liquidation.
"I have left it open to the administrators to approach me to ask for an alternative bid.
"If I was them (administrators) and they didn't choose the Blue Knights then I would think it would be sensible to contact me and see if my alternative bid is more acceptable.
"I am a reluctant bidder but I am much more reluctant to see Glasgow Rangers go into liquidation.
"People have asked me about teaming up with Blue Knights but by remaining independent, we could cover more bases."