Rangers‘ administrators have asked three bidders to submit “best and final offers” for the club by Wednesday, April 4.
Five parties notified Duff and Phelps of their interest in a takeover of the Scottish champions, although Sale Sharks owner Brian Kennedy has since dropped out of the running after being told his bid was too low.
The administrators indicated they have yet to identify a preferred bidder from the short-list at this stage in the process.
The three parties understood to remain in contention are former Ibrox director Paul Murray`s Blue Knights consortium, United States-based Club 9 Sports and a Singapore-based consortium.
David Whitehouse, joint administrator, said: “It would be inappropriate for us to comment on the merits of individual bids but, in general, several parties have pursued their declared interest in the club and five bids submitted have been subject to greater scrutiny.
“We fully understand the desire of supporters to see the bidding process concluded as soon as possible and have asked three bidders to submit best and final offers by Wednesday April 4.
“It is likely that a successful bidder will require a period of exclusivity to commit to final due diligence thereafter.
“Bids have inevitably been the subject of widespread comment and speculation but at this stage it would be unwise to perceive any particular party to be a preferred bidder, and the bidding process remains open for all parties until April 4.”