He aims to form an "incubator" company that would see the assets of Rangers transferred to a new firm. The 'so called 'toxic assets' would be left with the old company to be resolved before being absorbed back into 'New co' in a procedure that might surprise the man in the street but which is perfectly legitimate.
In fact Miller has founded his business empire on aquiring companies with too much debt and turning them around.
The SPL said today that they would continue talks with Miller.
Miller's initial bid was dependent on the Scottish football authorities not imposing further sanctions on the club. But Duff & Phelps now describe the offer as "unconditional".
And joint administrator Paul Clark told BBC Scotland: "Mr Miller felt comfortable enough to be able to remove the conditionality from his bid, so he clearly feels he has the comfort to move forward."
When pressed on whether Miller had been told Rangers will remain in the top flight, Clark replied: "It's my belief that that is one of the assurances he has received, yes."
Any newco club would need to request permission from the SPL board to acquire Rangers' share in the competition.
Miller's plans would have to be completed by 13 May, the last day of the SPL season, assuming the league's proposed financial fair play rules are changed for the following campaign.
But whilst he is the preferred bidder now several things could happen. He could reduce his final bid, he could walk away, or other parties could in effect 'gazump' him with bigger and better bids.
Whilst the timesacle set by the administrator is tight we can expect several twists and turns before the matter is finally resolved.