Whyte hopes to finalise buyout of Rangers by end of January

CRAIG Whyte remains optimistic that his proposed takeover of Rangers will be completed by the end of the month, sources said last night.

And if the Scottish tycoon does succeed with his buy-out of the SPL champions in the next few weeks, it is understood 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 he had expected. 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 to the deal.

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 25m over the course of five years promised for the purchase of 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.