Administrators running financially stricken Rangers say they have accepted a bid for the club from a consortium headed by former Sheffield United chief executive Charles Green.

Administrators Duff and Phelps confirmed the deal for the record 54-time Scottish champions on Sunday.

Rangers entered bankruptcy protection in February following a long-running dispute with British tax authorities.

Its future has been at stake after falling into tax debts of $14 million since a takeover by Craig Whyte a year ago. The Glasgow club is also awaiting the verdict of a tax tribunal involving as much as $119 million.

Its already narrow hopes of retaining the Scottish Premier League title were ended by a 10-point deduction that was automatically triggered by going into administration.