Brian Kennedy is preparing a bid for Rangers, but would be a reluctant buyer of the Glasgow giants.
Administrators Duff and Phelps have given a deadline of Friday for "serious" bidders to make their interest known and Scots businessman Kennedy, who owns rugby union side Sale Sharks, believes his unconditional offer would be a fall-back option if no other is viable.
Kennedy told BBC Scotland: "I don't really want to buy the club, but I don't want to see Rangers die.
"I've said from the start that if the administrators view my offer as the best one for the club, I'm happy to take it on.
"But I'll be equally happy if someone else can take it on."
Kennedy is wary of taking over at Ibrox, citing the example of Sir David Murray's reign, which featured numerous triumphs which are threatened to be overshadowed by the current predicament.
"That's one thing that makes me reluctant," Kennedy added. "It always ends in tears. It's like being Prime Minister."
Rangers administrator Paul Clark on Sunday revealed takeover interest from America and the Far East.
Kennedy added: "It's the administrators' job to talk up the interest, to get the best price possible.
"You never really know, so you've got to just concentrate on your own offer."
Another potential new owner is the Blue Knights consortium, led by Paul Murray.
Murray, who today received the support of former Rangers chairman Alastair Johnston, believes it would be wrong if he is prevented from taking a place on the board if his bid succeeds.
Murray's previous involvement in the club appears to be in contradiction with criteria laid down in the Scottish Football Association's rules over 'fit and proper' club officials.
Although Murray left the Rangers board nine months before they went into administration on February 14, the insolvency raises doubts over him playing an official role in any Scottish club.
However, although the clause is clear, the SFA have the authority to rule as to whether a person is fit and proper and Murray believes his stance against Craig Whyte, who took the club into administration, benefits his claim.
He said in The Herald: "It's a matter of record that of all the directors at the club, I was probably the most vocal against Craig Whyte.
"I think I've been pretty consistent from day one that his deal was not in the interests of the club. So I'd be pretty surprised if I was somehow accused of being part of his regime.
"If the Blue Knights succeed I would intend to be on the board. I obviously believe that we have the club's best interests at heart and I want to be successful.
"But if someone steps in who has deeper pockets and is the right person then, speaking first of all as a Rangers supporter, I would step aside tomorrow."
Murray said on Friday that Ticketus, whose money allowed Whyte to complete his takeover, were backing his consortium along with the main supporters' groups.
On Sunday, Murray revealed that motoring tycoon Douglas Park was among those who have expressed interest in his group, along with two London-based businessmen, fund manager John Bennett of the Henderson Group and property adviser Scott Murdoch of CWM.
South Africa-based Dave King, the only survivor from the Sir David Murray era on the board, is also a supporter, but must negotiate a dispute with tax authorities in South Africa.
"It's critical that there is complete transparency in this after everything that's happened," Murray added. "At the moment I'm moving forward on the basis that Dave is not involved.
"If he can resolve his issues and any issues with the SFA then I would be happy to speak to him; he's a guy I have a lot of respect for."
Meanwhile, former Rangers captain David Weir has confirmed he will play in the Rangers Legends against AC Milan Glorie match on March 30.
The majority of the revenue raised from the match will go to the club, with some going to the Rangers Charity Foundation and AC Milan Foundation.Reuse content