Rangers chairman Alastair Johnston has met Scottish businessman Craig Whyte, the prospective buyer of the Scottish Premier League champions.

The meeting took place on Friday morning in Glasgow.

The 39-year-old's lawyers are still involved in due diligence as he attempts to complete a £33m takeover.

Whyte, bidding for control of the club in conjunction with property developer Andrew Ellis, has promised to provide transfer funds of £25m over five years.

London-based Whyte is a 39-year-old millionaire who was raised in Motherwell and is a lifelong Rangers fan.

News of talks between Rangers owner Sir David Murray and Whyte and Ellis first surfaced last month.

If the proposed deal goes ahead there would be a payment made to Lloyds Bank of about £27m to clear the club's debt.

On top of that, £5.5m would be offered to shareholders, of whom Murray is the principal figure. The Rangers owner paid £6m for his controlling interest in Rangers in 1988.

Print Sponsor

Powered By iWebRSS.com

Article Source : BBC News

Similar Newsgab Articles: