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Rangers considering three takeover bids

"Following the outcome of the bidding process, I can confirm today that we will be considering further three of the four bids submitted yesterday," said joint administrator David Whitehouse.

"We can now see light at the end of the tunnel where by the club can exit from administration and focus upon success on the pitch.

"While we cannot be precise on timescale, exit from administration does look achievable by the end of the season. We also hope to announce next week acceptance of one bid, which would then be subject to a period of due diligence and exclusivity."

Media reports said the Blue Knights consortium led by former Rangers director Paul Murray was among the four bidders.

Rangers were forced into administration after running up nine million pounds in unpaid taxes since Scottish businessman Craig Whyte took an 85 percent stake in the club last May.

Founded in 1872, they have been domestic champions 54 times, a world record, including for the last three seasons and won the old European Cup Winners' Cup in 1972.

Despite their points deduction, Rangers are second in the Scottish Premier League, 18 behind leaders and city rivals Celtic who can win the title this weekend.