Whyte closing on Rangers deal

17 March 2011 18:00

Craig Whyte`s takeover of Rangers could be concluded by next Friday, it is understood.

A long-running saga is set to come to an end, leaving the Scottish tycoon in control of the Ibrox club, along with partner Andrew Ellis. The deal will see Whyte take over 75% of Sir David Murray's shareholding, with London-based property developer Ellis becoming a 25% partner.

"Everyone involved is working very hard to get the deal done," a source close to negotiations said.

"There are still a number of areas yet to be resolved and there are no guarantees but we are getting closer and all parties want to get it over the line.

"There is a confidence that if the deal is not done by next week then it certainly will be done in the next fortnight."

Whyte appeared to be on course to complete a buyout when he reached an agreement in principle with majority shareholder Murray in early December but various reported deadlines came and went leading to speculation that the takeover bid had come to nothing.

London-based Whyte had confirmed to the Stock Exchange in November he was considering making an offer for Rangers and was in talks with Murray International Holdings.

He then held talks with Murray and Rangers chairman Alastair Johnston last year, apparently convincing them of his credentials to take the club forward.

However, the due diligence process has proved more lengthy than those involved in the deal initially envisaged.

Source: PA