Craig Whyte flew in to Glasgow on Thursday to meet with members of the Rangers board as his bid to become owner of the Ibrox club appeared to take another positive step forward.
Lloyds Banking Group claimed on Wednesday that they were satisfied with the Scottish businessman's plans for addressing the Scottish champions` debt, which is expected to be around the £20million mark - down from June's figure of £27million - when figures are released on Friday morning.
Whyte will outline his plans to board members including Rangers chairman Alastair Johnston, who flew into the UK on Thursday from his base in the United States to deliver the club's financial results.
The meeting is thought to be a courtesy rather than crucial to the outcome of Whyte's bid but it is the first time some of the board members have met the London-based tycoon.
A source close to the deal told Press Association Sport "we still believe it is going to happen" but Johnston was more cautious.
"It is a very fluid situation but meetings are ongoing and it's very much an ongoing process," he told BBC Scotland.
Whyte has been attempting to purchase the Glasgow club since November and the only remaining hurdle is to conclude terms with current owner Sir David Murray.
Given that the debt at the Ibrox club appears to have been reduced by around £7million, Whyte will have to pay less that the original figure of around £33million.
If all goes well for Whyte, he will take over 75% of Murray's shareholding, with London-based property developer Andrew Ellis becoming a 25% partner.
The takeover appeared to be hanging in the balance earlier in the week after reports suggested the bank's demands for an 'exit payment' of more than £1million was a stumbling block. However, Lloyds responded by denying the existence of any exit or redemption fee.
Source: PA
