Rangers have confirmed that principal shareholder Murray International Holdings has begun discussions with London-based property developer Andrew Ellis about a takeover of the Glasgow club.
Murray are said to be under pressure to waive the value of club shares so as the only cost to a buyer would be the club's debt.
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 £31m 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.Murray has been seeking a buyer for some time and Rangers have been working to a business plan in conjunction with Lloyds Banking Group.
Manager Walter Smith and his backroom staff have been working without contracts since January in a bid to ease the financial pressure on the club and the Ibrox boss has not bought any new players since August 2008.
A statement released by Rangers read: "Following press speculation over the weekend, the board of Rangers Football Club plc confirms that it has been advised by Murray
International Holdings Limited that MIH has entered into discussions with certain interested parties, including Andrew Ellis, about the interests of MIH in RFC that may lead to an offer or offers for the entire issued share capital of the club.
"The board of RFC understands that discussions are at an early stage and there can be no certainty that any offer will be made for the issued shares of RFC. RFC has been in an
offer period since its announcement of October 26, 2009.
"In order to ensure the complete independence of the assessment of the merits for RFC of any possible offer, the board of RFC has set up an independent committee of the board comprising the chairman Alastair Johnston, John McClelland, Martin Bain, Donald McIntyre and John Greig to consider the full implications of any future offer for RFC.
"The independent directors will ensure that any possible offer for RFC is assessed on the merits for RFC, its shareholders and all other stakeholders in RFC including supporters.
"It is particularly important to the independent directors that any possible offeror is able to demonstrate the capacity and commitment to provide a stable and sustainable future for RFC and the independent directors will want to understand fully the plans of any potential offeror in order to recommend the action that shareholders should take.
"The Independent Directors exclude Mike McGill and Donald Muir who are connected to MIH, and so have a potential conflict of interest, and Dave King and Paul Murray about whose intentions there has been past speculation that could lead to a perception of a possible conflict of interest.
"The board will keep all shareholders informed of further developments."
Ellis is a former director of QPR, who had previously made a bid to take control of the London club back in 2001 before withdrawing the offer.
The proposal had proved unpopular with fans because it suggested moving the club from Loftus Road to a new site near Heathrow 16 miles away and was criticised by then manager Ian Holloway.
The following year Ellis' consortium paid 500,000 to buy League One club Northampton Town and he took over as chairman but quit the role soon after.
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