The jury returned a not guilty majority verdict after a six-week trial at the High Court in Glasgow.
Whyte was accused of acquiring Rangers by fraud in May 2011. He denied the charge, and another under the Companies Act.
The Crown alleged the 46-year-old pretended to then-owner Sir David Murray that funds were ‘’immediately available’’ on an ‘’unconditional basis’’ to make all required payments for a controlling and majority stake in the Glasgow club.
Advocate Depute Alex Prentice QC told the court Whyte did not have authority over the funds used in the takeover and “induced” the Murray Group to sell, but defence QC Donald Findlay described the accused as “the fall guy” in the case.
After two hours of deliberations, the jury found Whyte not guilty on both charges.