A major redevelopment of land around Ibrox could provide the catalyst for a quick takeover of Rangers, the Scottish Premier League champions whose financial problems have been headline news all season.

Glasgow City Council has confirmed it is in talks with Rangers about the redevelopment, with the two parties expected to run a study to investigate the redevelopment options in the area. The potentially lucrative opportunities offered would be key in attracting new investment to Ibrox.

That investment could come sooner rather than later. A spokesman for businessman Andrew Ellis told the Scottish press this weekend that Ellis could complete a £33 million takeover of Rangers by the end of April.

"Andy is not going to comment because it is very likely he's going to take the club over in the next few weeks," said David Gilmour, who works for Channel Islands trust firm Marlborough, which represents Ellis' RFC Holdings (Guernsey), to The Sunday Mail "It is entirely likely that the deal will go through but it's still at an early stage. I know it's been said that Andy is a frontman for a consortium but I can tell you it's just him - he's the only bidder and there's nobody else behind the deal.

"It's going to be around two-and-a-half weeks before anything happens because we are going through the due diligence process at the moment," Gilmour added.

Last week, The Rangers Supporters Trust, which has more than £50,000 in shares in the Scottish Premier League club, admitted concerns that they will have no say in the impending takeover process.

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"I hope people don't think what happened in Portsmouth couldn't happen here because Rangers are a big club," said Stephen Smith, chairman of the Rangers Supporters Trust, to The Herald. Look what happened to Leeds United. They were Champions League semi-finalists and are now scrapping in the lower divisions."

Ellis, a former director of Queens Park Rangers, was also behind a takeover for struggling English side Northampton Town seven years ago. In December 2002, Ellis bought the club for a reputed £500,000, before lasting just three months as chairman. Supporters' protests forced him out after he suggested a merger with Wimbledon and a groundshare at Milton Keynes.