The American owner of a tow-truck manufacturer has been chosen to rescue Rangers after they went into administration three months ago.
Bill Miller, whose Miller Industries is based in the southern state of Tennessee, saw off competition from the Blue Knights, a consortium led by former Rangers director Paul Murray, which had the backing of fans' groups.
The decision should mark the beginning of the end of one of the most turbulent episodes in the 140-year history of Rangers, who have won 54 League titles.
"We are delighted to announce that we have received an unconditional bid for the business and assets of Rangers from Bill Miller which has been accepted and he is now the preferred bidder," administrators Duff and Phelps said. "Mr Miller now proposes to complete his transaction by the end of the season." The deal has been structured so it avoids Rangers going into liquidation.
Meanwhile, Celtic manager Neil Lennon has been handed a six-match touchline ban – half of which is suspended – over his conduct following the Scottish Cup semi-final defeat to Hearts.
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