Done Deal?

SIR DAVID MURRAY'S 23-year tenure at Rangers will end this morning when Craig Whyte is confirmed as the new owner of the SPL champs.
And manager-in-waiting Ally McCoist will immediately be handed a bumper £10million summer transfer kitty.

Tycoon Whyte agreed a £33m deal with Murray yesterday to end a six-month takeover saga.

On top of the £10m he's pledged to give McCoist this summer, he has also guaranteed him at least £5m a season for the next four years.

It means the new boss can bring in fresh talent and step into contract talks with current stars like Allan McGregor and Steven Davis.

Whyte's takeover will see steel tycoon Murray recoup over £3m and settle debts of almost £20m with the Lloyds Banking Group.

Sir David's colourful spell at the helm - which saw Gers land 36 trophies - looks certain to be brought to a close today.

He agreed the sale after a fresh round of talks with Motherwell-born Whyte in Edinburgh.

A specialist team of more than a dozen lawyers worked late into the night in a bid to complete the deal.

It's now expected a new era will commence with an announcement to the London markets this morning.

Whyte's much-needed cash injection will haul Gers away from the threat of financial meltdown.

Gers chairman Alastair Johnston, who cast doubt over Whyte's plans last month, yesterday confirmed the five-man independent panel on the Ibrox board were now satisfied with his big-money scheme.

The US-based chairman will resign his post on May 16 with Whyte expected to make more boardroom changes.

It's the alterations ON the park which will excite Gers supporters even more - with McCoist already eyeing targets at home and abroad as he prepares to succeed Walter Smith.

Gers now stand just three wins from Three in a Row title joy after Celtic's shock 3-2 loss at Inverness on Wednesday night.

That would hand them a ticket to the Champions League qualifiers and open up the prospect of another huge cash boost.

It would represent a dramatic financial turn-around just weeks after Johnston claimed the club could plunge into an abyss.

Sir David, who bought Gers for £6m in 1988, has been trying to sell his controlling stake for five years. He held talks with property tycoon Andrew Ellis last year and was also approached by Gers non-executive director Paul Murray.

Whyte has emerged as the only credible suitor after providing proof of funds and convincing Sir David, Lloyds and the board that he can take the club forward.

Craig Whyte has informed the Stock Exchange that he has concluded his purchase of Murray International Holdings' majority shareholding in Rangers Football Club.

The Scottish businessman, who has been in takeover talks since November, has notified the Stock Exchange of the purchase of an 85 per cent stake in the club at an asking price of £1.

Whyte's takeover is believed to be worth a total of £52.5 million, with £10 million being immediately put into Rangers' bank account as working capital.

A deal was expected on Thursday evening but a late hitch delayed its completion, as lawyers from both camps convened in Edinburgh.

Both Murray and the Lloyds Banking Group had already given their approval to the deal but the sub-committee of Rangers' board set up to ratify the deal had raised concerns over long-term funding and investment in the first team squad.

Whyte reached an agreement with Lloyds several weeks ago over the repayment of the club's £21 million bank debt.

It is understood £17 million will be paid up front to Lloyds, with a £4 million loan on Ibrox's Albion car park refinanced and paid back in instalments.

In a statement released by the Stock Exchange on Friday evening it was confirmed that Wavetower, a company owned by Whyte, had completed the purchase of MIH's shares.

The statement read: "Wavetower is pleased to announce that it has today acquired 92,842,388 ordinary shares, representing approximately 85.3 per cent. of the issued share capital in The Rangers Football Club P.L.C. (the "Club"), for a consideration of £1.

"Wavetower acquired its interest in the Club (the "Acquisition") from Murray MHL Limited. The Acquisition would ordinarily have required Wavetower to make a general offer in cash under Rule 9 of the Takeover Code to all other shareholders in the Club but, as the consideration paid by Wavetower for the shares acquired is £1, the Takeover Panel has granted Wavetower a dispensation from making such an offer.

"Wavetower intends to post a circular to the Club's shareholders by 16 May 2011 containing background information on Wavetower and other relevant information. Wavetower intends to maintain the Club's listing on PLUS Markets for a minimum of 12 months from the date of this announcement.

"Wavetower is 100% owned by Liberty Capital, a company which is ultimately owned by Craig Whyte. Craig is a lifelong Rangers supporter and is very much looking forward to guiding and assisting Rangers in its development over the coming years. "

More to follow...

User Name wrote:No bile from here prettyboy.

Doon the Water wrote:Deal done on the 126th January.