Bill Miller could complete his purchase of Rangers by the end of the season after Administrators named the American businessman as preferred bidder.
And Miller has promised to end the culture of overspending at the club.
Miller is seeking to buy the assets of the club, which could have debts of up to £135million, and form a new company while bidding to take the current club out of administration.
Miller released a statement through the club which described his opportunity to buy “one of the UK’s most venerable football clubs” as a “great honour and privilege”.
The American added: “What Rangers have been put through, particularly in recent months, is a travesty and from what I can see they have been badly let down by a number of individuals.
“This will not happen on my watch should I become the custodian of this great club.
“Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to Uefa financial fair play regulations but also such that Rangers will never have to suffer this kind of anguish again.”
Rangers take on Motherwell at Ibrox tomorrow in McCoist’s side’s penultimate game of a troubled season.
until Monday, May 14 anyway.
Miller’s success was announced in a statement from Administrators Duff and Phelps, which read: “We are delighted to announce that we have received an unconditional bid for the business and assets of Rangers Football Club plc from Mr Bill Miller which has been accepted and he is now the preferred bidder.