Whyte takes control of Gers for £1

DAVID MURRAY last night described his 22-year reign as Rangers owner as a “privilege” after selling Craig Whyte his shareholding for £1 in return for assurances over investment in the playing squad.

Whyte has pledged an immediate £5million injection to manager-in-waiting Ally McCoist’s summer rebuilding plans plus money to improve the state of Ibrox Stadium.

The incoming majority shareholder has also promised a further £20m of spending over four years and guaranteed to settle the club’s debt with Lloyds Banking Group.