Whyte completes Rangers takeover

LONDON - Businessman Craig Whyte has completed his takeover of Rangers after acquiring an 85.3 percent stake in the Scottish Premier League champions, his Wavetower company said on Friday.

The Takeover Panel has granted Whyte a dispensation from making a cash offer to all other shareholders in Rangers, who lead the SPL by one point from Celtic.

Whyte bought the stake for one pound from Murray International Holdings (MIH) and replaces former Rangers chairman David Murray as majority shareholder.

"Craig is a lifelong Rangers supporter and is very much looking forward to guiding and assisting Rangers in its development over the coming years," said a statement from Wavetower issued on behalf of the 40-year-old.

Whyte arrived in Edinburgh on Thursday for talks with Murray and members of the club's board but technical issues delayed the completion of the takeover which has rumbled on since November.

Last month Rangers said they were considering an alternative to Whyte's takeover offer because the entrepreneur had yet to prove he had sufficient funds to run the club.