Charles Green could complete his purchase of Rangers' assets on Thursday after a Company Voluntary Arrangement (CVA) proposal was formally rejected at a meeting of creditors.
But Green's hopes of turning Rangers' fortunes around have been hit by speculation over his relationship with manager Ally McCoist.
Reports have claimed McCoist was set to resign after discovering Green planned to replace him. The Gers boss was present at Ibrox during both the creditors' meeting and a subsequent shareholders' meeting.
McCoist refused to comment when asked about his future outside Ibrox, but Green briefly told Sky Sports News that he "100%" wanted the coach to stay. "We want Ally McCoist and all the players to remain with the club," he said.
Rangers Football Club will now move towards liquidation while Green's newco club bids to secure entry to the SPL, after administrators confirmed the rejection of the CVA and "imminent" newco deal.
Joint administrator Paul Clark said: "The decision of the creditors' meeting has been a major disappointment for Rangers supporters and this was not our preferred outcome as administrators.
"However, we should make it clear that Rangers Football Club will continue within a new company structure and the club survives and will continue playing football at Ibrox."