American tycoon Bill Miller has claimed that Rangers will "live within its means" if he is successful in completing a takeover of the stricken club.

The businessman was granted preferred bidder status by the Scottish club's administrators Duff & Phelps, which means that the former SPL champions will not go into liquidation.

Miller released a statement, which said: "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. 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. 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."

The proposed takeover could be completed before the end of the season.