Whyte agrees to transfer Rangers shares

Rangers administrators Duff and Phelps have announced that Craig Whyte has confirmed he will transfer his majority shareholding to two parties involved in takeover talks.

Duff and Phelps are evaluating three bids after American tycoon Bill Miller withdrew his offer earlier this week, just days after being named preferred bidder, and remain optimistic of a speedy sale.

"We have continued discussions today with the parties remaining in the bidding process and good progress has been made," joint administrator Paul Clark said.

"We can also confirm that Craig Whyte has confirmed that he will transfer his shareholding in Rangers Football Club to two of the parties and has indicated he would not be an impediment to a sale of the club.

"We will issue a further update for supporters tomorrow and can say that every effort is being made to conclude the sale of the club as quickly as possible."

Press Association Sport understands one of the groups to have agreed a deal to take over Whyte's 85% shareholding is an English-based consortium.

The consortium held talks with Duff and Phelps this afternoon and Whyte is hoping the group can strike a deal to take over the Ibrox club by Friday ahead of attempts to exit administration through a Company Voluntary Arrangement (CVA).

The new group contains figures who have been in involved at chief executive and chairman level at English Premier League and Championship clubs in the past and Whyte believes they are the only serious bidders.

Rumours that Peter Kenyon was involved in the consortium which aims to take over Whyte's shares were denied by the former Manchester United and Chelsea chief executive.

He told Press Association Sport: "People use my name a lot but it is news to me. I've not had any discussions."