Craig Whyte announced as new owner of Rangers

Takeover: The deal has been completed following lengthy negotiations.© STV

Craig Whyte has been announced as the new owner of Rangers FC.

The protracted takeover of the Scottish Champions was finally completed on Friday evening.

A statement to the London Stock Exchange read: "Craig is a lifelong Rangers supporter and is very much looking forward to guiding and assisting Rangers in its development over the coming years."

The news was announced after Mr Whyte - a Scottish businessman who has been holding talks with the Glasgow club since last November - concluded his purchase of Murray International Holdings' majority shareholding of the club.

A deal was expected on Thursday evening, but a late hitch delayed its completion as lawyers from both sides met in Edinburgh.

David Murray and the Lloyds Banking Group have already given their approval to the deal, but sub-committee of Rangers' board set up to ratify the deal had raised concerns over long-term funding and investment in the first team squad.

Whyte reached an agreement with Lloyds several weeks ago over the repayment of the club's £21 million bank debt.

More on this story in STV Sport.