3rd December 2010, 04:40 PM
Whyte holds further Rangers talks
Rangers chairman Alastair Johnston has met Scottish businessman Craig Whyte, the prospective buyer of the Scottish Premier League champions.
The meeting took place on Friday morning in Glasgow.
The 39-year-old's lawyers are still involved in due diligence as he attempts to complete a £33m takeover.
Whyte, bidding for control of the club in conjunction with property developer Andrew Ellis, has promised to provide transfer funds of £25m over five years.
London-based Whyte is a 39-year-old millionaire who was raised in Motherwell and is a lifelong Rangers fan.
News of talks between Rangers owner Sir David Murray and Whyte and Ellis first surfaced last month.
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.
Article Source : BBC News
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