By FOS Editor
February 5 2011

The sale of Rangers to Craig Whyte seems to be rumbling on with the Motherwell born tycoon hoping to complete by the end of March.

Whyte’s purchase of Rangers has already had three deadlines, the first being the end of December and then by January but neither happened. This meant there was no cash injection for Walter Smith to strengthen the squad in the January transfer window.

The speculation surrounding the bid has always been about an outstanding tax bill which seems to be holding up the due diligence process.

There were some moves in Rangers shares yesterday with the 37 million shares held by Murray Sports Limited were brought under the banner of Murray International Holdings Limited.

MIH then dispensed with more than 6m shares, with a company named Metlika - owned by Rangers director Dave King - acquiring 5.8m, effectively the holding previously held by King under MSL.

The effect of that is to consolidate Sir David's overall hold on Rangers under one company, which now controls 85.3% of the shares.

Whether this has any significance regarding a takeover remains to be seen.

King has previously been linked with he purchase of the Ibrox side, but he too have been embroiled in his own tax issues back in South Africa which are close to resolution and this could see him coming back in as a potential buyer if Whyte’s interest cools.