Brian Kennedy is preparing a bid for Rangers, but would be a reluctant buyer of the Glasgow giants.
Administrators Duff and Phelps have given a deadline of Friday for "serious" bidders to make their interest known and Scots businessman Kennedy, who owns rugby union side Sale Sharks, believes his unconditional offer would be a fall-back option if no other is viable.
Kennedy told BBC Scotland: "I don't really want to buy the club, but I don't want to see Rangers die. I've said from the start that if the administrators view my offer as the best one for the club, I'm happy to take it on. But I'll be equally happy if someone else can take it on."
Kennedy is wary of taking over at Ibrox, citing the example of Sir David Murray's reign, which featured numerous triumphs which are threatened to be overshadowed by the current predicament.
"That's one thing that makes me reluctant," Kennedy added. "It always ends in tears. It's like being Prime Minister."
Rangers administrator Paul Clark on Sunday revealed takeover interest from America and the Far East.
Kennedy added: "It's the administrators' job to talk up the interest, to get the best price possible.
"You never really know, so you've got to just concentrate on your own offer."