Rangers news

Whyte on brink of Gers deal

May 5, 2011
By ESPNsoccernet staff

Craig Whyte is hoping to complete his proposed takeover of Rangers in the next 24 hours after holding further talks with current owner Sir David Murray.

Craig Whyte
PA PhotosCraig Whyte is edging closer to his Rangers takeover

Scottish tycoon Whyte arrived in Scotland on Thursday hoping to finally complete the protracted deal after first announcing his intention to buy the Scottish champions to the stock exchange in November.

Whyte was believed to be on the verge of completing his buy-out last month after agreeing a deal with majority shareholder Murray and main creditor Lloyds Banking Group.

The deal appeared to hit a stumbling block when Rangers chairman Alastair Johnston raised doubts over the offer and revealed plans to explore an alternative plan.

However, after meeting with members of the Rangers board, Whyte looked to take a major step forward in convincing them about the merits of his bid, with Johnston telling BBC Scotland at the time: "The committee are now much closer to viewing Craig Whyte's bid as the right one for Rangers.''

Rangers non-executive director Paul Murray - who proposed a £25 million rival plan - this week claimed Whyte's imminent takeover was not the right move for the club.

But Whyte's arrival in Scotland this morning suggests he is now determined to push the protracted saga over the finishing line.

The independent committee of the board now appear unlikely to stand in the way of Whyte completing the deal, as Johnston confirmed he will stand down from his post later this month.

He told BBC Scotland: "A great deal of work has been done by the board and I'm very proud of that. I'm confident that the efforts of the board have improved the deal significantly for the benefit of the club.

"Our views will come out in the future and I'm comfortable with that, but I don't want to stand in the way of progress. I will resign as intended on May 16 but will be working hard until then to make sure Rangers secure the SPL title. After that I will go back to being the club's number one fan.''