A £6 million offer to buy Rangers will be formally submitted today as the club's newco fights to gain entry to the Scottish Premier League.
Entrepreneur Jim McColl will place the bid with London investment bank Zeus Capital on behalf of a consortium fronted by former manager Walter Smith.
The Charles Green consortium, which took control just four days ago, is not expected to accept the offer.
A request by newco Rangers for a place in the SPL is also expected to be received by the league's governing body today.
After a 14-day minimum notice period, the 12 member clubs will meet to decide the fate of the new club.
Rangers will not appear on the official SPL fixture list for 2012-13 today and will be replaced with "Club 12" while the fate of the newco is decided.
Polls in online forums for fans of non-Old Firm SPL clubs have come out overwhelmingly against Rangers re-entering the top flight after reforming as a newco following liquidation.
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