Businessman Craig Whyte has agreed a £33m takeover deal 'in principle' with Sir David Murray, according to STV and Sky.

Whyte was in Glasgow today and had talks with Rangers chairman Alistair Johnston, but it is understood that these talks were not to do with the takeover. Whyte will fund the £33m deal, which will clear off Rangers' debt, and Andrew Ellis will pay a 25 per cent stake back to Whyte.

© Scottish Sun

Whyte has been involved in takeover talks since the story was broken by the News of the World in mid-November and talks have gathered pace since then with Whyte wanting to have the deal completed by this side of christmas.

That target could be met which would mean much-needed funds for Walter Smith in January as Rangers prepare for the second-half of their SPL title challenge and entry into the UEFA Europa League. Reports have suggested that Whyte will hand over a £25m transfer kitty over the next 5 years but that has not been confirmed.