Craig Whyte agrees to sell his shares in Rangers

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.

The amount the Rangers owner would make from the sale is unclear, but in a newspaper interview joint administrator David Whitehouse claimed Mr Whyte had sent written agreements to several bidders confirming he would complete the transaction for £1.

Duff and Phelps are currently evaluating three new bids for the debt stricken club after American tycoon Bill Miller withdrew his offer earlier this week – just days after being named preferred bidder.

Joint administrator Paul Clark said: “We have continued discussions today with the parties remaining in the bidding process and good progress has been made.

“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.”

It is understood that one of the groups to have agreed a deal to take over Whyte’s 85 per cent shareholding is an English-based consortium.