BRIAN KENNEDY and the Blue Knights consortium today submitted a revised offer for Rangers.
Administrators had told the group their earlier bid did not match the one submitted by American Bill Miller.
Kennedy was today reported as saying: "We've been in extensive negotiations with the administrator over the weekend in a bid to provide a deliverable offer that is acceptable."
Earlier, the club's manager said liquidation "is more of a possibility than ever".
Ally McCoist made the claim as the team crashed to a 3-0 defeat at Parkhead against Old Firm rivals Celtic.
But the Rangers boss also admitted he didn't know what the club's situation would be in the next 24 hours, let alone its long-term future.
Asked whether he thought liquidation was the most likely path, he said: "I would have to say that looks more of a possibility than it ever has.
"I don't know. I don't know where we'll be in 24 hours. I don't know where we'll be in 48 hours."
But today Rangers joint bidder Brian Kennedy dismissed McCoist's liquidation fears and said a Company Voluntary Agreement (CVA) was still feasible to preserve the status of the club.
Kennedy, the owner of rugby club Sale Sharks, and is now working with the Blue Knights to secure a bid for the club. He said their first option was to go down the route of a CVA and get Craig Whyte's shares.
He said: "We are hopeful of being able to achieve that if we get through this preferred bidder process. It's still plausible that we can get a CVA."
Two takeover bids were submitted to administrators Duff and Phelps on Friday.
One is from the Blue Knights consortium – fronted by former Ibrox director Paul Murray – and the other is from US businessman Bill Miller.
Administrator David Whitehouse revealed there was a significant difference in the value of the bids and only Mr Miller's £11.2million offer would have a chance of succeeding. Mr Whitehouse said he anticipated an improved offer from the Blue Knights.
Meanwhile, Rangers have appealed against a £160,000 fine and 12-month transfer embargo from the Scottish Football Association.
The Scottish Premier League clubs were meeting today to discuss stricter penalties for insolvency action.
On Saturday around 7000 fans marched to Hampden in protest at the sanctions, which McCoist said could "kill" the club.
Mr Whitehouse has insisted liquidation is not yet inevitable despite Rangers' liabilities being around £60m, with a further possible tax bill of up to £75m.
However, he warned time was running out – players revert to their original contracts on June 1 after accepting pay cuts of up to 75% and there will be no gate receipts for the club for months.
Mr Whitehouse said: "I'm reluctant to quote deadlines because invariably they tend to get missed, but there is a very real and large looming deadline, which is the end of the season, which is the point at which we have funding in place to continue to operate the business. So, by definition, we have to conclude a transaction before that date and therefore that deadline is looming large."
Asked if he would consider walking away from the club, McCoist said: "It's not about me. It's a far bigger issue than that. It's our football club, it's our livelihoods. It's the institution that our supporters have loved and come to watch for 140 years.
"That's the important thing. We'll be back. I don't know in what shape or form but I can guarantee we will be back."
Rangers have made a complaint to police over alleged "racial abuse" directed against one of their players.
The club announced the move on their official Twitter account last night following their 3-0 Clydesdale Bank Premier League defeat by Celtic at Parkhead.
A brief statement read: "The club has tonight been made aware of racial abuse directed at one of our players. We have reported this matter to the police."
Meanwhile, police said 17 fans were arrested in and around the stadium at yesterday's match for breach of the peace and alcohol-related offences.