Football finance expert Brendan Guilfoyle thinks Rangers must turn to the Blue Knights and Brian Kennedy after Bill Miller wasted their time.
American trucking tycoon Miller withdrew his offer five days after gazzumping his rivals to be named preferred bidder by the administrator.
"I think he's just got in the way to be honest, but thankfully only for five days," Guilfoyle told
BBC Radio 5 live
"My information is that Kennedy and the Blue Knights are real."
Miller had proposed creating a "newco" Rangers while the old club dealt with the historical debt.
Two of the three bidders to enter the race after the American's withdrawal favour a similar strategy, but Guilfoyle thinks exiting administration through a Company Voluntary Arrangement would be a better option.
"I'm not surprised by developments," he said. "I don't think what became known as the incubator company was going to work.
"My information was that there wasn't that much activity around the club following Miller being announced as the preferred bidder."
Having been excluded from next season's Champions League qualifiers, Rangers face points reductions and a transfer embargo domestically - and a longer European ban should they go down the "newco" route.
"I think now there's a need for the administrators to find a purchaser quickly and work with them to get a purchaser over the finishing line," said Guilfoyle.
"I think they need to get the CVA through, because more important than the sanctions that the Scottish Premier League and the Scottish FA might take against the club is the ability to compete in Uefa competitions.
Kennedy and Murray have not yet re-entered the bidding process
"Additional points sanctions to Rangers will probably mean they won't finish first again, but there is still every chance of finishing second.
"So the focus should be on Uefa and the continuation of the oldco."
Sale Sharks owner Kennedy and the Blue Knights led by former Rangers director Paul Murray have yet to re-enter the bidding process.
"If I was the administrator, I'd almost be on bended knee crawling back to Brian Kennedy and the Blue Knights asking them to work with me to get it across the line," added Guilfoyle, who has himself helped clubs out of administration.
"It is a similar situation in some respects that I had at Plymouth, where I had a preferred bidder who bid the most and I was obliged to go with him.
"But I always knew there was someone there who would do the deal and I always knew it was going to be a difficult deal in terms of how much the bank would receive and how the council would react.
"But, by working with that under-bidder, I got the deal through."
One of Miller's advisors, Club 9 Sports chief executive Jon Pritchett, said that the American pulled out because he discovered the size of the investment required, the length of time it would require to turn the club around, the level of fan opposition to his bid and the uncertainties involved over player contracts and sanctions from the football authorities.
Guilfoyle said of the Blue Knights, in contrast: "They've got the money, they've proved they're fans, they are here in the UK and I think their advisors understand the issues."