Whyte closer to takeover of Rangers

Scottish tycoon Craig Whyte was today scrutinising the details of an agreement with Lloyds Banking Group which could allow him to move closer to a takeover of Rangers.

The bank has given him approval after coming to an agreement over the club's debt which stood at 27.1million in June and was expected to be around 21m when Rangers' interim results were being announced later today.

That means Lloyds have paved the way for the buy-out to go ahead, albeit there is still an air of caution as Whyte's team examine the details of the agreement before he decides whether he is satisfied with the terms and signs off the paperwork.

However, it would appear progress has been made as a result of those developments.

The Scotsman was today reporting that Whyte was quoted a figure of around 32m to buy the club four months ago, but the reduction of the club's debt had seen the asking price reduced to 25m.

Whyte also has to be satisfied that he will not be liable for any money due to the taxman as a result of the ongoing investigation by HM Revenue and Customs into payments made to offshore accounts to Rangers players. Rangers believe any liabilities from that investigation will be the responsibility of Murray International Holdings.