Charles Green could complete his purchase of Rangers' assets today after a Company Voluntary Arrangement (CVA) proposal was formally rejected at a meeting of creditors.
But Green's hopes of building a vibrant Ibrox club have been hit by speculation over his relationship with manager Ally McCoist.
Reports this morning claimed McCoist was set to resign after discovering Green planned to replace him.
McCoist was present at Ibrox during both the creditors' meeting and a subsequent shareholders' meeting - which both lasted less than 10 minutes - but looked grim-faced and refused to comment when asked about his future outside Ibrox.
On his arrival at Ibrox this morning, Green briefly told Sky Sports News that he "100%" wanted McCoist to stay.
"We want Ally McCoist and all the players to remain with the club," he said. Players are free to depart under employment law.
After confirming the CVA had been rejected, joint administrator Paul Clark faced anger from about 150 shareholders who have lost their stake in the football club.
Clark, who admitted on Tuesday that Green had not lodged the full £5.5million newco sale price with Duff and Phelps, said: "We had a dual strategy in relation to Charles Green's offer.
"In the event the CVA was rejected we would proceed with sale of business and assets.
"That has not yet been concluded but we do have agreed documents and funds from Mr Green.
"It is our intention to complete that sale at the earliest opportunity, and probably during the course of the afternoon."
McCoist had earlier left Ibrox through the main door at about 10.45am and shook his head and said nothing when asked about his future by waiting reporters and fans, before driving away.
He returned for the second meeting and received a standing ovation from shareholders as he walked along the side of the Ibrox pitch, but did not sit with the administrators at the top table. Green only atttended the first meeting.
The CVA was doomed to failure after Her Majesty's Revenue and Customs informed Duff and Phelps on Monday that they would vote against the proposal, thus ensuring it did not receive the 75% backing required to move the club out of administration.
Rangers Football Club will now move towards liquidation while Green's newco club bids to secure entry to the Clydesdale Bank Premier League.
Duff and Phelps said they would remain as administrators for between six to 10 weeks before liquidators from another firm, BDO, are appointed to wind up the 140-year-old club.
Unsecured creditors are owed a confirmed £55million and the vast majority of Green's payment will go to administrators Duff and Phelps and on legal costs, although liquidators will pursue other avenues to recover cash.
Green previously promised to name more of the investors in his Sevco consortium after the CVA meeting having so far confirmed only two - a Malaysian hotelier and Middle Eastern lawyer.
The administrators later released a statement confirming the rejection of the CVA and "imminent" newco deal.
Clark said: "The decision of the creditors' meeting has been a major disappointment for Rangers supporters and this was not our preferred outcome as administrators.
"However, we should make it clear that Rangers Football Club will continue within a new company structure and the club survives and will continue playing football at Ibrox."