Craig Whyte held a “positive” introductory meeting with Alastair Johnston Today. But it is understood this meeting was not to discuss the details of the purchase but instead was an opportunity for the businessman to meet the Rangers chairman for the first time for informal talks. The 39-year-old’s lawyers are still involved in due diligence, but apparently the takeover has been agreed to “in principle” by Whyte and SDM and. it is believed that everything is going as expected and a takeover could still be completed by Christmas or early in the New Year. It is understood Whyte will fully fund the £33 million takeover but Andrew Ellis will still be part of the deal, with a 25 per cent stake eventually being paid back to Whyte. The proposed offer will wipe out the club’s £27.1 million debt (as at June 30) to Lloyds TSB and also pay shareholders, including Sir David Murray, £5.5 million. Whyte and Ellis are bidding for Murray’s 92 per cent shareholding. The deal is also believed to include a £25 million investment in Rangers’ first team squad over a period of five years, with transfer funds being made available to Walter Smith in the January transfer window if the takeover is concluded in time. Although it still remains to be seen what Whyte’s long term plans and aims for the club are, if things are concluded as hoped, Rangers could conceivably go into the New Year with a new owner, the potential for some new faces and no debt. My link