Sky Sports News understands that Rangers owner Sir David Murray has agreed a deal to sell the club to Craig Whyte.
Rangers owner strikes deal with prospective buyer Whyte
Sky Sports News understands that Rangers owner Sir David Murray has agreed a deal to sell the club to Craig Whyte.
Scottish tycoon Whyte has been locked in talks for some time over Murray's 75 per cent stake with partner Andrew Ellis due to become a 25 per cent partner.
Whyte has brokered a deal that will see him buy their stadium Ibrox and the surrounding land along with the club's Murray Park training ground, if approved by the club's board.
The deal is expected to cost Whyte around £28million but the overall financial implications of the deal for the new owner is expected to be twice as much having given assurances that he will invest £5million in the squad in each of the next five seasons.
Whyte's investment will clear their Term loan with Lloyds Banking Group, which is believed to be in the £18million region, immediately and the other smaller loans will be cleared over time.
Whyte's offer will now be presented to Rangers' board for approval and it is expected they will ratify it due to any long-term complications that could arise due to lack of future investment.
Should the club's board give the green light to accept Whyte's deal then the SPL champions could be taken over officially this week, ending a long and uncertain period for the Light Blues.
