May 3 2012
Rangers' administrators claimed Bill Miller could complete his purchase of the club by the end of the season after naming the American businessman as preferred bidder.
Miller succeeded with his £11.2million proposal, which involves buying the club's assets and moving them into a new company while trying to agree a deal with creditors to move the current company out of administration, after removing his conditions.
A statement from administrators Duff and Phelps said: "Mr Miller now proposes to complete his transaction by the end of the season."
The vehicle recovery tycoon had previously sought assurances from the football authorities that his newco club would not be subjected to sanctions next season.
Completing his transaction before the Clydesdale Bank Premier League ends on May 13 would ensure that his request to acquire Rangers' share in the competition is subject to the discretion of the SPL board.
SPL clubs this week adjourned a vote on financial fair play proposals, which include financial and points penalties against newco clubs, until Monday, but the rules would not take effect until May 14 anyway.
The administrators added that Miller's team had sought clarity in relation to potential footballing sanctions and the place of Rangers in the SPL.
"Significant progress has been made and discussions will continue throughout the period which Mr Miller now enjoys as preferred bidder," the statement read.
Miller's success comes at the expense of the partnership between the Blue Knights consortium and Sale Sharks owner Brian Kennedy, who aimed to take Rangers out of administration through a Company Voluntary Arrangement (CVA).
The SPL soon released a brief statement saying they would continue discussions with Miller and his team, and the SFA said they will also seek talks with the American.