Charles Green has appealed to Rangers' creditors to approve the Company Voluntary Arrangement to allow him to get on with restoring the club's reputation.
Green's prospective ownership consortium has pledged £8.5million although in a statement released on Tuesday on the Ibrox club's website, it was claimed the final amount available to creditors could be in excess of £25million, depending on the outcome of litigation.
However, the outcome of a tax tribunal could send the club's debt above £134million.
Rangers will publish their CVA proposal on Tuesday but ahead of that, in the statement, Green said: "Today is an extremely important milestone for Rangers to begin the journey back to where the club belongs - as a leading sporting institution that can hold its head high both on the field and off it.
"I have great sympathy with creditors, particularly small local businesses in the community around Ibrox, who have suffered in the lead-up to administration. However, I fervently hope that creditors will form the view that the best interests of everyone will be served by Rangers continuing as the successful club it is and recovering as a business in the forthcoming seasons.
"The consortium I am leading can only do so much to heal the wounds of the past, but we can do something about the future and that is where our main focus must lie. I hope creditors will approve this proposal and we can begin the task of rebuilding Rangers in earnest."