It may be another two weeks before an offer is made to buy Rangers

The group considering a possible takeover of Rangers will decide in about two weeks' time whether to make an offer for the Glasgow club.

RFC Holdings (Guernsey), fronted by Andrew Ellis, are entering a period of due diligence, during which they will examine the club's finances in detail.

The Scottish champions are £31m in debt and have been under pressure from Lloyds Banking Group to cut costs.

A group of Rangers directors will consider the implications of any offer.

The independent committee comprises chairman Alastair Johnston, John McClelland, Martin Bain, Donald McIntyre and former Ibrox captain John Greig.

Sir David Murray, who relinquished his chairmanship and place on the board in August, controls about 90% of the shares in the Scottish Premier League leaders.

News broke last weekend that Ellis, a former director at Queen's Park Rangers, was preparing to make a bid.

BBC Scotland learned that two other parties were also considering bids to take over the Ibrox club but Ellis is thought to be the front-runner.

The Ibrox club are homing in on their second successive SPL title, currently enjoying a 13-point lead over second-placed Celtic.

Rangers have previously confirmed that principal shareholder Murray International Holdings has opened discussions about a possible takeover of the club.

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