Rangers administrators have set a deadline of March 16 for parties interested in investing into the club to indicate their plans.

Duff and Phelps, the company currently in charge of the Scottish champions, have revealed that a number of businesses have shown an interest in taking over the Gers.

"What we have done is set a deadline of March 16 for first indicative bids from interested parties and there is a level of momentum which has been created in terms of our discussions with those parties that leads us to think we will receive bids," joint administrator David Whitehouse told the club's official website.

"The vast majority have expressed a desire that they would wish to formulate their plans to make a bid for the business based on a materially reduced cost structure from that which currently exists, so that they can approach the business with a cleaner sheet of paper in terms of new investment."

The administrators are expected to announce some redundancies at Ibrox tomorrow.