SPL - Whyte: My takeover best for Rangers

Sat, 07 May 10:41:00 2011

New owner Craig Whyte believes the best possible deal has been secured for Rangers after finally completing his takeover of the Scottish champions.

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The Scottish tycoon successfully completed the acquisition of Sir David Murray's shareholding when the agreement was signed in Edinburgh on Friday and ratified by the Takeover Panel. The completion of the deal brought to an end six months of protracted wrangling and negotiations, after Whyte first announced he was in talks regarding a potential takeover in November.

He acknowledged the frustration created by such a drawn-out process, but believes Rangers will now benefit from the outcome, saying: "The guiding principle from the outset has been to get the right deal for Rangers. I know the time this has taken has created a lot of frustration, but it was vital we secured a deal that meant we could maximise investment in the team and that is what has been achieved."

He added: "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."

The change in ownership signals the end of Murray's association of more than 22 years with Rangers.

Whyte said: "I would like to personally thank Sir David Murray for the way in which he has conducted his side of this difficult and complex negotiation, as well as for the devoted service he has given to Rangers over many years. His is a great legacy of which he can be proud."

However, news that the deal was finally done was tempered slightly as Rangers board members continued to express doubts over Whyte's cash pledges despite the successful completion of the venture capitalist's takeover.

A statement released by the independent board committee read: "The IBC and Wavetower have differing views on the future revenue generation and cash requirements of the club and the IBC is concerned about a lack of clarity on how future cash requirements would be met, particularly any liability arising from the outstanding HMRC case."

But Murray, himself, is convinced Whyte is the right man to succeed him at Rangers, as he reflected on the end of his time at Ibrox.

In a statement released to Press Association Sport, he said: "From a personal perspective, today is the end of an era. I have had the privilege of being the majority shareholder of our great football club for over 22 years. During this time, we have seen many highs and lows together, and I trust that the successes will continue for many years to come."

PA Sport

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