Whyte completes Rangers takeover

06 May 2011 19:30

Craig Whyte has completed his takeover of Rangers, it is understood.

It is believed the Scottish tycoon's deal was ratified by the takeover panel on Friday evening. The buy-out sees Whyte acquire 85.3% of shares in the club and replace Sir David Murray as majority shareholder.

Whyte first announced plans for a takeover and revealed he was in talks with Murray International Holdings back in November and months of protracted negotiations followed.

But the deal moved a step closer to completion when Whyte arrived in Edinburgh yesterday for what proved to be a positive day of talks with Murray and members of the Rangers board. The "technical issues" which had delayed the completion of the bid have now been ironed out and approval granted by the independent Takeover Panel.

Source: PA