Rangers fans have been warned by the club's administrators that liquidation is a possibility under new owners.
Chicago-based Club 9 Sports, the Blue Knights, headed by former Ibrox director Paul Murray, and a Singaporean consortium have all made bids for the club, and Duff and Phelps have set a deadline of Wednesday for any further offers.
The administrators are keen to avoid liquidation, instead favouring a Company Voluntary Arrangement (CVA), but they are keen to stress that it remains an option.
"The preferred option remains a CVA and it remains an option for all of the bidders, and we still think it's achievable and we're still recommending that as the preferred course of action to the bidders," co-administrator Paul Clark said.
"We must accept, though, that we have in Rangers a financially-stricken institution and there is an amount of toxicity in there as a result of what's gone on. So all of the options have to remain open and it may be that some of the bidders decide that they would rather start afresh.
"We cannot rule out the winning bid could prefer a different structure that meant the sale of the business to a new company and in that eventuality it is certainly possible that Rangers would be liquidated. But it would only be done so after the football club was made safe."
Rangers currently sit second in the Scottish Premier League, 15 points behind fierce rivals Celtic.
Barney Corkhill
