Rangers have confirmed that majority shareholder Sir David Murray has begun discussions with London-based property developer Andrew Ellis regarding a takeover.
The Glasgow giants - who are £31million in debt - say discussions with "interested parties" are at an early stage.
An independent committee of the board - which includes Ibrox legend John Greig - has been set up to consider any offers for Rangers.
Murray stepped down as chairman in August 2009.
Source: PA
