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Whyte closing in on Rangers takeover

Scottish tycoon Craig Whyte has moved a step closer to buying Rangers after reaching an agreement in principle with Sir David Murray.

The news comes as the 39-year-old businessman met with Rangers chairman Alastair Johnston as he continues to push ahead with plans to buy the club.

The meeting took place in Glasgow yesterday and although having no real significance in terms of the actual takeover, it suggests Whyte remains on track to become the next owner of the club.

It is believed the talks took place at the request of current owner Murray, who was keen for the two men to meet.

Whyte, who made his money as a venture capitalist and is now based in London, confirmed to the Stock Exchange last month that he was considering making an offer for Rangers and was in talks with Murray.

Murray has stated in the past that he would only sell Rangers to someone he could trust to take the club forward.

It is understood an agreement in principle is in place after Whyte convinced the majority shareholder that he is also the right person to take over Rangers.

It is believed Whyte is keen for everything to be completed as soon as possible, with a buy-out still on course to be done by Christmas or early New Year.

Lifelong Rangers fan Whyte would take over 75% of Murray's shareholding, with London-based property developer Andrew Ellis becoming a 25% partner.

The club's debt, which stood at £27.1million on June 30, would be paid off in the takeover.

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