Rangers administrators Duff and Phelps have confirmed they have received two formal bids for the club - one from the Blue Knights and one from Bill Miller.
The Blue Knights - fronted by former Ibrox director Paul Murray - have joined forces with Sale Sharks owner Brian Kennedy and submitted what they described as a "substantial" written offer to purchase the club on Friday afternoon.
Their bid is subject to a Company Voluntary Agreement (CVA) being agreed with creditors and the acquisition of current owner Craig Whyte's shares.
American tycoon Miller has also made his interest in the Glasgow giants official, albeit with conditions relating to sanctions imposed on the club by the football authorities.
David Whitehouse, joint administrator, said: "We can confirm this afternoon that we are in receipt of two formal bids for control of Rangers Football Club.
"Both bids at this stage remain conditional.
"We are in receipt of a bid from Bill Miller, whose bid is conditional on securing greater comfort and clarity from the football authorities in relation to sanctions against Rangers.
"Clearly, the events of last Monday night when the SFA's judicial panel imposed severe and, in our view, unwarranted penalties on the club had a destabilising effect on the sale process.
"However, since then, Mr Miller's bid team have worked to develop a structure which enables the wishes of creditors to be taken into account whilst ensuring that the club is taken forward well-capitalised and the requirements of the footballing authorities are met.
"Mr Miller hopes a solution to all regulatory issues can be found and his team has been in constructive discussions with all relevant parties this week.
"This afternoon Brian Kennedy and Paul Murray submitted a bid which is conditional on a CVA being approved by creditors and we will seek guidance from prominent creditors.
"It is also conditional on the acquisition of the shares of Craig Whyte in the football club and we have asked for this and other points in the bid to be clarified.
"We note the statement today issued by Ticketus and its withdrawal as a potential partner for the Blue Knights.
"What should be clarified is that neither bid involves liquidation of the football club.
"In terms of quantum, there are significant differences between the two offers in terms of a prospective return to creditors and approach to future funding and these have to be evaluated.
"We will provide a further update as soon as possible."