Whyte's Rangers takeover on course for completion by midweek

Craig Whyte's proposed purchase of Rangers would now appear to be a formality with an offer to the Stock Exchange imminent.

The suggested completion date is Wednesday or Thursday of this week, not tomorrow as has been suggested

Scotland on Sunday understands that all major roadblocks have been removed leaving the way clear for Whyte to buy Sir David Murray's shares, thereby bringing an end to a drama that has been more than five months in the making. Whyte has deposited his proof of funds with the bank and it is believed that he sees no reason why the deal cannot be completed within days.

Reports of a possible blip yesterday are believed to be unfounded. It was suggested that terms of Whyte's deal to buy the club may include a commitment on his part to meet any potential HMRC tax debt, a figure that could run into the tens of millions of pounds. This notion is said to be well wide of the mark.

The fallout from Alastair Johnston's Friday press conference with broadcasters continues, meanwhile. More than half a dozen journalists have indicated that Johnston lent serious credence to the notion that Rangers could go bust in a worse-case scenario, answering a direct question about the club potentially going out of business if there is no deal with Whyte and a large HMRC bill with a nod of his head. Rangers subsequently issued a statement to the Stock Exchange which read: "We would like to clarify that our chairman did not state that the club could go out of business."

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It is believed that Johnston was advised by colleagues at Rangers not to do a media conference, but he insisted on speaking to both the daily newspapers and the broadcast press about the club's interim financial results.

On he field yesterday, Rangers failed to take advantage of an opportunity to go top of the SPL. With Celtic's game in Inverness postponed, Walter Smith's side would have gone one point ahead of Celtic had they won, but they lost 3-2 to Dundee United at Ibrox.

Rangers led twice in the match but couldn't hold off a spirited United side who claimed the winner in the 90th minute courtesy of one-time Rangers signing target, David Goodwillie.