Bill Miller: It would be an honour and privilege to own Rangers

The preferred bidder for the financially stricken club has spoken of his ambition to take control and calls the Glasgow side one of the 'world's great sporting institutions'

Businessman Bill Miller has described the prospect of owning Rangers as a “great honour”.

The Scottish club have been looking for a new owner since going into administration earlier this season but are now close to a brighter future after the American was made the preferred bidder by the club’s administrators Duff & Phelps on Thursday.

Miller told the club’s official website: "It is a great honour and privilege to have the opportunity to buy Rangers Football Club.

"I respect the club as one of the world's great sporting institutions and one of the UK's most venerable football clubs.

"What Rangers, which includes supporters, players, staff and anyone with the club at heart, have been put through, particularly in recent months, is a travesty and from what I can see they have been badly let down by a number of individuals.”

Miller also looked to the future and assured the fans that, should he gain control, there would not be a repeat of their current crisis, adding: "This will not happen on my watch should I become the custodian of this great club.

"Under my stewardship, Rangers will be managed with fiscal discipline such that the club not only conforms to UEFA Financial Fair Play regulations but also such that Rangers will never have to suffer this kind of anguish again. From now on, Rangers will live within its means - no excuses.

"I have fought hard to try and offer Rangers a fresh start and I hope all Rangers fans will continue to rally round the club as we endeavour to leave behind this distressing chapter in the club's history.”

Miller also talked about his desire for the club not to enter liquidation and keep hold of their prestigious history.

"Finally, and perhaps most importantly, we have worked hard to ensure that there is no loss of history, no loss of tradition and no liquidation of Rangers Football Club. I wouldn't have it any other way,” he concluded.

Despite the news of a possible new owner the club still faces the prospect of a 12-month transfer embargo, which is pending an appeal.