Walter Smith has confirmed he is leading a new bid to buy Rangers.
The former Ibrox boss will be assisted in the offer - believed to be in the region of £6million - by Scottish businessmen including Jim McColl and Douglas Park.
Smith has called on Charles Green, whose consortium is in place to complete their £5.5million purchase of Rangers on a newco basis, to stand aside.
Smith said in a statement: "I can today confirm that following talks over the last few weeks I am leading a new bid for Rangers Football Club.
"I have been assisted by Jim McColl, Douglas Park and other prominent Scottish businessmen with a shared objective - that Rangers Football Club should be in the hands of Rangers people who will stabilise the club and protect it from future situations like we find ourselves in today.
"With this in mind, representatives have, on behalf of my group, made representations to BDO, Duff and Phelps and indeed Charles Green, notifying them of our willingness to offer on the "Newco" basis on which Mr Green is proceeding.
"We would call on Mr Green to step aside and allow us to proceed with our deal which is in the best interests of the creditors, the employees, the fans and the various other stakeholders of Rangers Football Club."
The surprise development came on the day that a Company Voluntary Arrangement (CVA) was formally rejected at a meeting of creditors.
The CVA was doomed to failure after Her Majesty's Revenue and Customs informed administrators Duff and Phelps on Monday that they would vote against the proposal, thus ensuring it did not receive the 75 per cent backing required to move the club out of administration.
Rangers Football Club will now move towards liquidation, with Green set to acquire the business and assets on a newco basis.
The administrators today released a statement confirming the rejection of the CVA and "imminent" newco deal.