A consortium headed by former Sheffield United chief executive Charles Green agreed to buy financially stricken Scottish club Rangers on Sunday.
Administrators running the record 54-time Scottish champions confirmed the deal after an American takeover of the club collapsed on Tuesday.
The administrators announced that an ''irrevocable'' contract had been struck with the group, and - unlike the former preferred bidder Bill Miller - cannot now back out.
Under the plans for the 8.5 million-pound ($13.7-million) takeover, Rangers should exit bankruptcy protection before the start of the new season.
''There are 20 individuals and families who have pledged support - the cash is in a bank account,'' said Green. ''No investor will own more than 15 percent. There are some investors from the U.K., the Middle East, Asia and the Far East.''
Green said the names of the investors would be released if the club is granted a Company Voluntary Arrangement - a legal procedure to help rescue a struggling firm by agreeing to deals with creditors over the repayment of debt.
Rangers entered bankruptcy protection in February following a long-running dispute with British tax authorities.
Its future has been at stake after falling into tax debts of $14 million since a takeover by Craig Whyte a year ago. The Glasgow club is also awaiting the verdict of a tax tribunal involving as much as $119 million.
Its already narrow hopes of retaining the Scottish Premier League title were ended by a 10-point deduction that was automatically triggered by going into administration.
The full takeover is expected to go through at the start of June.
''We are not out of the woods yet,'' Rangers manager Ally McCoist told the BBC. ''Once the complete sale goes through prior to 6 June, I will be the most relieved man in the country.''
