Rangers owner Craig Whyte stands by their sale of Nikica Jelavic to Everton.

Jelavic signed for Everton last night after Ibrox owner Whyte sanctioned his exit in a £6million deal.

The money on offer was LESS than previous bids from English Championship sides West Ham and Leicester City.

Whyte told the Scottish Sun: "In terms of the playing squad, the club agreed a fee with Everton for the transfer of Nikica Jelavic.

"We wish the player well and thank him for his contribution to Rangers.

"The reality of Jelavic's departure is two-fold.

"One, the player wanted to leave and there is no point in trying to keep a player who no longer wants to be at Ibrox.

"Two, the club is simply not in a financial position to turn down offers for players which give a good return on its original investment.

"Investment in the playing squad has been a thorny issue since I took over the club in May and is the source of endless debate, much of it ill-informed."