Dave King has told BBC Scotland that his discussions with Rangers continue.
The former Ibrox director has submitted a funding offer, which is dependent on a new share issue being approved at the club's annual general meeting.
With 75% shareholder support required, King needs backing from at least part of a group for whom Sandy Easdale currently holds voting rights.
However, indications are that the group, who collectively own more than 26%, is unlikely to be fragmented.
Asked about that, King replied: "It is essential they are on board", adding that "we will know soon enough" if there is a prospect of that happening.
South Africa-based King met some of the board last Tuesday to detail his proposal, some of which would be a loan, with the majority to go in as part of a new share issue.
He has been speaking to some of the Championship club's bigger shareholders but expects the board to do likewise and assure him he will get that 75% before he commits any money.
Laxey Partners are Rangers' biggest shareholder with 16%, while Newcastle owner Mike Ashley, who owns 9%, is trying to remove the chief executive Graham Wallace and the finance director Philip Nash.
Rangers are required to hold an AGM before the end of the year.