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Whyte takes control of Gers

Businessman Craig Whyte has completed his protracted takeover of Rangers, announcing the deal to the stock exchange.

Whyte on brink of Gers deal

Whyte, who has long attempted to take control of the Ibrox outfit, flew into Edinburgh on Thursday for talks with the previous board that he hoped would result in the successful completion of the takeover.

That appears to have been the case, after the Takeover Panel finally ratified the takeover by Wavetower - a company owned by Whyte - after some late "technical issues" were resolved.

The buy-out sees Whyte acquire 85.3% of shares in the club, replacing Sir David Murray as majority shareholder. He had previously agreed an arrangement to wipe out the club's £20 million debts.

"Wavetower is pleased to announce that it has today acquired 92,842,388 ordinary shares, representing approximately 85.3% of the issued share capital in The Rangers Football Club P.L.C., for a consideration of £1," a statement to the stock exchange read. "Wavetower acquired its interest in the Club 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 May 16, 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."

Whyte himself pledged to help bring a brighter future to Ibrox.

"As a keen Rangers supporter I now look forward to helping the club secure its future as a leading force in Scottish and European football," he said. "I know the club has gone through some difficult spells in recent times, but it is my commitment to the manager, his backroom team, the players and, most importantly, the loyal supporters that I will do all I can to ensure further success in the weeks, months and years to come.

"Rangers is a great club with a great future. It has the best supporters in the world and I will do everything possible to protect and enhance the club's standing going forward."

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