Craig Whyte set for Rangers takeover talks

Scottish businessman Craig Whyte is set to hold takeover talks with Rangers owner Sir David Murray this week.

Reports suggest that Whyte's negotiations to buy the club remain on course and that a deal could yet be completed by Christmas or early in the New Year.

It is understood the 39-year-old, who made his money as a venture capitalist and is now based in London, is set to travel to Scotland to meet with Murray later this week.

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However, severe weather conditions mean a question mark hangs over the prospect of any talks taking place over the next couple of days.

The complex and lengthy due diligence process is ongoing and, when completed, Whyte will decide whether to make a formal offer for the Scottish champions.

Rangers fan Whyte confirmed in a statement to the stock exchange last month that he was considering making an offer for Rangers and was in talks with Murray International Holdings.

It is believed Whyte would take over 75% of Murray's shareholding, with London-based property developer Andrew Ellis becoming a 25% partner.

Ellis was previously involved in a failed bid to buy the club earlier this year.

It is understood that Rangers' debt will be wiped out and significant funds made available for new players if Whyte succeeds with his buy-out of the club.

A sum of around 25million could be made available over five years for investment in team development, although boss Walter Smith is unlikely to be handed a massive transfer kitty in January even if a deal is concluded by then.

The club's debt, which stood at 27.1million on June 30, would be paid off and an additional 5.5million would be offered to shareholders.