Rangers administrators Duff & Phelps have confirmed that Craig Whyte has agreed to transfer his majority shareholding to the two parties interested in buying the club.

The businessman currently has an 85% stake in the stricken Glasgow outfit.

"We have continued discussions with the parties remaining in the bidding process and good progress has been made," said joint administrator Paul Clark.

"We can also confirm that Craig Whyte has confirmed that he will transfer his shareholding in Rangers Football Club to two of the parties and has indicated he would not be an impediment to a sale of the club.

"We will issue a further update for supporters tomorrow and can say that every effort is being made to conclude the sale of the club as quickly as possible.

Singapore tycoon Bill Ng rejoined the race to buy the club on Wednesday afternoon, with a British and international group also thought to be in the running.

American businessman Bill Miller withdrew his bid for the Gers earlier this week.