Businessman Douglas Park has confirmed that he has spoken to Dave King, the South Africa-based millionaire Rangers director, who is reportedly interested in buying the club.
The Clydesdale Bank Premier League champions are around £30million in debt and are being investigated by HM Revenue and Customs over offshore payments made to players. Park, whose has interests in several car franchises and a coach company, would not reveal what was discussed with King but admitted that any takeover would be "impossible" unless certain conditions were agreed with Rangers' owners, Murray International, and the club's bankers, Lloyds.
"I have had meetings with Dave King since January but the contents of our discussions remain private," he told Herald Sport.
"There are people out there with a real willingness to put millions of pounds of their own money in to the club to try to address the current situation and return the club to stability.
"However, unless certain conditions are met, it would be impossible for for anything to proceed.
"At the moment, the bank is in total control of the situation as the season-ticket money, and any Champions League money, comes in."