A deal to sell Rangers has been signed and sealed after a consortium fronted by former Sheffield United chief executive Charles Green saw an unconditional offer accepted by administrators.
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 per cent. 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."
With the major Rangers action taking place off the park today, with the news that administrators have accepted an offer from a consortium headed by Charles Green to purchase the club, it was Saints who looked more dangerous early on.
A Liam Craig corner found Cillian Sheridan in the box and his header forced a save from goalkeeper Allan McGregor.
Chris Millar's cross then skimmed the crossbar as the home side continued to push forward for the opener.
At the other end, Alan Mannus was called into action to swat a Lee McCulloch header to safety, before Bedoya blasted over from close range.
