The takeover of Scottish Premier League club Rangers FC is finally complete. Recent reports have confirmed that venture capitalist Craig Whyte has purchased the majority shareholding of the Glasgow club from Sir David Murray for the paltry sum of £1.
Whyte first showed interest in purchasing the club back on November 18 and after some difficulty, there has finally been an official announcement to the stock exchange that Whyte's company, Wavetower Limited, is now the majority shareholder.
Murray bought the club back in 1988 for £6million and has transformed the fortunes of the Ibrox outfit, winning 15 Scottish titles, 9 Scottish cups and 12 league cups along the way.
Now Whyte is the man to lead 'Gers into a new era and it is believed he will make his plans to Rangers shareholders, members and fans known on May 16 when he circulates a dossier stating what he plans to regarding investment for transfers and other business decisions.
Members of the Rangers board were previously hostile about the incoming Whyte as they felt there were serious doubts about his ability to fund the club.
There was an alternative proposal from directors Paul Murray and Dave King and there was reported dissent in the boardroom but an agreement between Sir David Murray and Craig whyte has now been reached as the reigning SPL champions enter a new era both on and off the pitch with current manager Walter Smith making way for Ally McCoist next month.