Craig Whyte has face-to-face talks with Ibrox chief

POTENTIAL Rangers bidder Craig Whyte was in Glasgow yesterday for face-to-face talks with Ibrox chairman Alastair Johnston, but although it was reported that the two parties are in "broad agreement" over the sale of the club, a formal offer is not expected imminently.

Whyte made what turned out to be a high-profile visit to Glasgow, with television crews and photographers gathered outside the Hilton Hotel to await the businessman's arrival with an associate

The 39-year-old met with the Rangers chairman in the morning and, although having no real significance in terms of the actual takeover, it suggests Whyte remains on track to become the next owner.

It is believed the talks took place at the request of current owner Sir David Murray, who was keen for the two men to meet for the first time.

Whyte, who made his money as a venture capitalist and is now based in London, confirmed to the Stock Exchange last month that he was considering making an offer for Rangers and was in talks with Murray International Holdings.

The complex and lengthy due diligence process remains ongoing but Murray and Whyte have met and remain in contact by telephone.

Murray has stated in the past that he would only sell Rangers to someone he could trust to take the club forward.

It has been reported that an agreement in principle is in place after Whyte convinced the majority shareholder that not only does he have the finances to back up his bid, he is also the right person to take over Rangers. However, the issue of a possible hefty tax bill which Rangers could incur next year is likely to have an impact on negotiations. A hearing with HM revenue & Custom started last month but has been adjourned until January, making it unlikely that a sale of the club could be agreed before Christmas. Last month when Whyte's original interest was announced, a source close to Rangers said that the chances of a deal being agreed were "very much 50-50".

Whyte remains bound by stock market rules which prevent him from commenting on the proposed takeover but it is believed he is keen for everything to be completed as soon as possible.

Lifelong Rangers fan Whyte would take over 75 per cent of Murray's shareholding, with London-based property developer Andrew Ellis becoming a 25 per cent partner. Ellis was previously involved in a failed bid to buy the club earlier this year.

Under the Whyte proposal, the club's debt, which stood at 27.1 million on 30 June, would be paid off and an additional 5.5 million would be offered to shareholders. The bulk of that figure would go to Murray as majority shareholder. The Rangers owner paid 6m for his controlling interest in Rangers in 1988.

Meanwhile, former Rangers striker Kris Boyd is said to be keen on a return to ibrox after it was reported that his manager at Middlesbrough, Tony Mowbray, has told the player that he can leave the club just seven months into his two-year contract.

Boyd has struggled to find his form in the Championship, with the scoring streak he enjoyed at Rangers having dried up in England. He was tempted south by Gordon Strachan, but when the former Celtic manager left the club after a series of poor results, the appointment of Mowbray was a guarantee that there would be changes at the club.

However, a move to Rangers faces at least two stumbling blocks - the finance required to take Boyd on to the payroll, and the fact that Walter Smith's side is surviving without him.

Smith received good news yesterday when it emerged Sasa Papac could be back from injury after almost a month out, in time for next week's Champions League game against Bursaspor.