Andrew Ellis is "optimistic" his proposed takeover of Rangers will move closer to completion later this month.
Rangers are just under £30million in debt and are under investigation by HM Revenue and Customs over a tax issue. Manager Walter Smith has been unable to buy a new player for nearly two years and he and his assistants, Ally McCoist and Kenny McDowall, have been working without a contract since January.
"The bid includes all the club's debt and I'm optimistic there will be serious developments in the next three to four weeks," Ellis told Sky Sports News.
"Should I gain control of the club I intend to offer Walter a new contract as his experience and knowledge is invaluable both to me and the club.
"It is only fitting that former chairman Sir David Murray should be offered the role of life president as what he has done for the club can never be forgotten."
The Ibrox club last week secured their second successive Clydesdale Bank Premier League title, once again overcoming their perilous financial situation.
Source: PA
