However, Duff and Phelps added that interested parties were looking for clarity on the club's financial affairs before lodging more detailed proposals.

Only Sale Sharks owner Brian Kennedy and the 'Blue Knights' consortium fronted by Paul Murray have confirmed they have submitted bids.

Reports claim Chicago-based Club 9 Sports has also lodged interest. The investment firm has previously failed with investment offers in Sheffield Wednesday and Tranmere.

Joint-administrator David Whitehouse said: "We believe the level of interest in purchasing the club from around the world reflects the pedigree and history of the club and the fact the financial position of the business is beginning to clear and will continue to do so over forthcoming weeks.

"However, it is evident from our preliminary assessment of the expressions of interest and indicative bids that prospective purchasers are looking for clarity on certain issues at the earliest possible opportunity prior to submitting more detailed formal bids.

"There are complex issues to be resolved and there is no doubt they are having a bearing on the bidding process. At this stage we have indicative and conditional bids only."

Administrators will now determine which bids offer the best deal to creditors and consider the attached conditions.

"This process will involve further discussions between ourselves and interested parties and will begin early next week with a view to clarifying the content of each offer," Whitehouse added.

"The key element of the bidding process thus far has been to give prospective bidders the opportunity to demonstrate their funding capability.

"We cannot, under our remit, exclude the possibility of a bid by any other party and interest was expressed by a party today suggesting a bid will be made over the weekend."

The issues holding up more detailed offers include a court case with Ticketus, uncertainty over a tax dispute and the status of majority shareholder Craig Whyte.

But former Rangers director Murray believes all three can be sorted and even called for administrators to make some form of decision before the club's clash with Celtic on March 25.

Murray, who is backed by Ticketus, supporters' groups and several wealthy individuals, said in a statement: "We're ready to go, we have the finances in place and we want to get the club stabilised as quickly as possible.

"Like every other Rangers fan, I'd love there to be some certainty about the future of our club before next weekend's Old Firm game."

The 'Blue Knights' confirmed their offer contained the promise of capital backing from Ticketus - without ownership rights in return - and a fans' share issue.

Murray later claimed the absence of an outcome on January's tax tribunal over Employee Benefit Trusts need not slow up the process despite the prospect of a #49million bill.

Rangers already owe Her Majesty's Revenue and Customs close to #15million.

Murray told BBC Radio Scotland: "It seems a bit odd to say that it's now a red herring but I think it actually may well be.

"I think the administrators used that phrase as well, because with the club now being in administration, effectively liabilities are just piled on to each other.

"If the club were to lose the case, which is still not certain, then that liability is added to the liabilities that are there at the moment.

"Bidders who are bidding on the basis of the club leaving administration via CVA (Creditors Voluntary Agreement) put in their bid and that bid is used to satisfy all the creditors.

"In very simple terms, if there is #50million for creditors at the moment and that rises to #100million it just simply affects the pence in the pound that is available for the creditors."

Murray is "pretty confident" Rangers will avoid liquidation but does not know whether the tax authority would do a deal.

"I've not had any indication personally, I don't think HMRC would be in a position to do that right now," the banker said.

"I think they would want to see all the bids, see who is involved and quantify what a CVA means for them.

"One of the benefits of the process is that by entering into a partnership with Ticketus, you essentially remove Ticketus from the pot.

"So our offer is worth considerably more than any others because Ticketus is not part of the CVA."

A #24.4million cash injection from Ticketus allowed Whyte to complete his #1 buyout by paying off the club's bank debt, and a Court of Session hearing over their rights to the club's future season tickets has been continued until Monday.

Murray said: "I can't speak for Ticketus but they regard their position as very, very strong."

Whyte is reported to still claim he is the secured creditor even though administrators have seen no evidence of him putting any money into Rangers, and still holds a majority stake.

Murray said: "You would like to think he would look at the whole situation and actually have a bit of dignity and humility and do one last act to help the club.

"There are two things that are important - Craig Whyte's security, which the administrators has said he regards as being worthless.

"The second thing is wrestling the 85% shareholding and that's up to the administrator to deliver."

Kennedy, a Hibernian fan, has described himself as a reluctant bidder but Rangers manager Ally McCoist did not get that impression from their recent meeting.

"Brian was extremely positive about the club, extremely positive about the club's future and extremely positive about what his involvement in taking the club forward would be," McCoist said.

"I had a great meeting with Brian. I have got absolutely no doubts, if his bid was accepted, it would be positive for the club."

McCoist added: "I have met two or three, and spoken on the phone to two or three interested parties. David said there were three or four more and he was hopeful that I would get an opportunity to meet with some of them early next week."