Dave King believes the Rangers takeover process will be completed in June as he conceded any deal being ratified this month is unlikely.
The Ibrox shareholder is set to sell his stake in the club to help facilitate a deal for Andrew Cavenagh and 49ers Enterprises to acquire a 51 per cent ownership at Rangers.
King, a former chairman at Rangers, has confirmed progress is being made towards the deal being confirmed as he admitted there were times when an agreement was "touch and go".
However, he now reckons the legal side of the deal for terms and conditions is 90 per cent finalised.
A Rangers statement previously read: "Rangers and its existing controlling shareholders are in productive conversations with the two lead members of the Consortium, Andrew Cavenagh and 49ers Enterprises Global Football Group, about the potential for the Consortium to acquire control of the club and to inject additional capital.
"These discussions reflect a shared recognition of the importance of Rangers FC's long-term direction, ambitions and management."
Read more:
-
What Barry Ferguson has told Peter Lovenkrands about the Rangers job
-
I'm an ex-Rangers striker - here's how I got an Indian club a transfer ban
"These discussions have been going on for some time," said King speaking on talkSport. "About six months ago was the first time I chatted to Andrew to see if there was a basis for getting a deal done that would work for both parties.
"Along the way, as with any negotiations like these, there were times when it was touch and go. But if you ask me where we are in terms of legals being signed and terms and conditions precedent that still has to be fulfilled, I would put it at about 90 per cent right now."
He later added: "There are still a few things to be done, conditions, approvals from various leagues, the SFA, the SPFL, there are still some conditions pressing to get the deal across the line.
"They will have to hit the ground running quite quickly, we have Champions League qualifiers coming up, let's say this deal happens, realistically, mid-June, I think May is not possible, let's say mid-June is realistic, when they are sitting down in the seat.
"That doesn't give them a lot of time to start and get some business done and prepare us for Champions League qualifiers. As far as the actual manager and who they are looking at, I have no idea."
