Rangers mulling alternative to Whyte takeover

LONDON - Scottish football club Rangers on Tuesday said it was considering an alternative to businessman Craig Whyte's takeover offer because Whyte had yet to prove he had sufficient funds to run the club.

Rangers chairman Alastair Johnston said in a statement that the vetting committee set up to approve a buy-out by Whyte were not satisfied with the financial commitment put forward by the businessman to run the club after a takeover.

"To this end the board has had an approach from one of its directors who wishes the board to consider an alternative funding option," Johnston said in a statement.

"This would involve a fresh issue of new capital to raise 25 million pounds to be invested directly into the club."

Johnston said the board had a responsibility to examine this proposal whilst continuing its review of the Craig Whyte transaction.

Whyte has been in talks to buy Rangers from Murray International Holdings (MIH), which owns more than 90 percent of Rangers and is chaired by former Rangers chairman David Murray.