Whyte and Ellis aim to take control of the Ibrox club

By Alasdair Lamont

Rangers chairman Alastair Johnston has met Scottish businessman Craig Whyte, the prospective buyer of the Scottish Premier League champions.

Whyte and Sir David Murray, the current Rangers owner, are understood to be in broad agreement over the general terms of the takeover.

Due diligence is still being carried out and there are differing views on how quickly a deal can be done.

But a formal offer could still be submitted this month.

However, the likelihood of the takeover being completed by Christmas appears remote.

Whyte is understood to be keen for things to progress as quickly as possible, and while Murray is not averse to this, certain matters still to be resolved make January a more realistic timeframe.

Whyte's meeting with Johnston on Friday morning - at which Murray was not present - was primarily a chance for the pair to become acquainted, with Johnston and the Rangers board having no say in the sale of Murray's shareholding.

Nonetheless, it is understood Johnston, who made reference to "trial balloonists" at the Rangers annual general meeting when discussing previous potential buyers, believes Whyte's proposal to be more credible than the previous interest of Andrew Ellis.

Ellis is involved with Whyte's bid, but it has emerged he will not put in any money up front. He will, though, have a 25% stake in the shareholding bought by Whyte should the takeover go through, to be paid back over time.

London-based Whyte is a 39-year-old millionaire who was raised in Motherwell and is a lifelong Rangers fan.

If the proposed deal goes ahead there would be a payment made to Lloyds Bank of about £27m to clear the club's debt.

On top of that, £5.5m would be offered to shareholders, of whom Murray is the principal figure. The Rangers owner paid £6m for his controlling interest in Rangers in 1988.

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