GLASGOW — Businessman Craig Whyte finally acquired a majority shareholding in Scottish soccer giant Rangers after a lengthy takeover process, Sky Sports reported Saturday.
The buy-out sees Whyte take 85.3 percent of shares in the club and replace Sir David Murray’s Murray International Holdings (MIH) as majority shareholder.
In a statement released to the stock exchange late Friday, it was confirmed that Wavetower, a company owned by Whyte, had completed the purchase of MIH’s shares.
The transaction for 92,842,388 ordinary shares in the club went through for a nominal cost of $1.64 (£1), with Whyte promising to pay off the club’s debt and invest in new players in a deal valued at $61.1 million (£52.5 million).
The statement concluded, “Craig is a lifelong Rangers supporter and is very much looking forward to guiding and assisting Rangers in its development over the coming years.”
