By Andrew Warshaw
May 11 – Craig Whyte, owner of beleaguered Scottish giants Glasgow Rangers, has agreed to transfer his 85 per cent majority shareholding so that the administrators running the club can move forward with finding new buyers.
Whyte (pictured above) was banned for life, pending appeal, by the Scottish Football Association (SFA) last month for his role in the club falling into mountains of debt and subsequently into administration.
Administrators Duff and Phelps now say he has agreed to transfer his majority shareholding to two parties involved in takeover talks.
Altogether four groups are now understood to be interested in buying the ailing Ibrox Stadium (pictured below) club.
Whyte’s transfer is required for the club to exit administration via a Company Voluntary Arrangement (CVA).
“We have continued discussions with the parties remaining in the bidding process and good progress has been made,” read a statement from Duff and Phelps.
“We can also confirm that Craig Whyte has confirmed that he will transfer his shareholding in Rangers Football Club to two of the parties and has indicated he would not be an impediment to a sale of the club.”
Duff and Phelps hope to complete a sale by the end of the season, which culminates for Rangers on Sunday (May 13) when they travel to St Johnstone.
Rangers entered administration on February 14 after it was revealed that around £9 million ($15 million/€11 million) in taxes had not been paid.
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