Rangers takeover could solve Walter Smith's transfer dilemma - report

PROSPECTIVE Rangers owner Craig Whyte remains optimistic that his takeover of the club will be completed by the end of the month, it has been reported.

• For now, Walter Smith's hands are tied in the transfer window

And, if the Scottish tycoon does succeed with his buy-out of the Scottish champions in the next few weeks, it is expected that money will be made available for new players in the January transfer window.

Whyte was initially hoping a deal with current owner Sir David Murray would be concluded by Christmas but the necessary due diligence process has taken longer than hoped.

Whyte's team are now awaiting documentation and responses to queries from the other camp and, now that the festive holiday period is over, he is hoping for a quick resolution.

It is believed he is keen to conclude the 33million deal as soon as possible so he can invest in the Glasgow giants immediately, with around 25million over the course of five years promised for new players.

However, until a takeover takes place, boss Walter Smith admits he is not expecting to be given the go-ahead to bolster his squad unless players depart Ibrox this month.

"We are still in a position where we can't bring a player in unless we lose a player so that's us at the moment," he said.

"Any speculation you see surrounding Rangers bringing a player in will only come to fruition if we lose one."

Smith revealed he does have some targets in mind in case any of his players do quit Rangers in the coming weeks.

"It's part and parcel of your job, that's what you have to do," he said.

"Even though you know that you don't have the finance to bring anyone in, you have to go out there and see who's available and who's not available.

"But, as it stands at the moment, unless we lose a player we won't be bringing any in.

"There are a whole lot of circumstances that have to happen before we are able to enhance our squad of players. That's where we are and that's where we will stay."

A major question mark remains over the future of Kenny Miller, who is out of contract at the end of the season and who has so far failed to agree a new deal.

The striker has been in impressive form, netting 22 goals already for Rangers this season, and Smith is keen to retain his services rather than see the club sell the player this month.

"He's made a terrific contribution to us," he said.

"With the number of goals he has scored for us in the first half of the season, we wouldn't want to lose that in the second half of the season.

"People can say some players should go or some should stay but they've got to have somewhere to go in the first place.

"So far, we've had no enquiries from any club for any of our players, never mind Kenny Miller.

"We will just have to wait and see what happens but it's certainly not something we are looking for."