Saturday 7 May 2011

WHYTE AIMS TO WIN OVER FANS

He has been dubbed the 'Whyte Knight' after emerging as the man with the millions who was set to ride to the rescue of debt-ridden Rangers and transform the fortunes of the Glasgow giants.But, as the Sir David Murray era drew to a close on Friday after an association of more than 22 years with the club, and Rangers finally secured a new owner following a protracted six-month period of wrangling and due diligence, the question remains: who exactly is Craig Whyte?Still, little is known of the Scots tycoon who is now the new owner of Rangers.
His was a name that was met with raised eyebrows and a shrug of the shoulders when his interest in purchasing Murray's shares first emerged in November.
Whyte has been described as both a millionaire and a billionaire, suggesting no-one actually knows exactly how substantial his fortune is.
What is clear, despite the vast wealth he has accumulated, is that the 40-year-old had successfully managed to fly below the radar for many years before going public with his plans to buy one of the most famous football clubs in Europe.
What is known about Whyte is that his interest in making money and the financial markets - and apparent talent in that area - was developed at an early age.
The most famous fact about his formative years was how he began dabbling in the stock market at the age of just 15 while still a student at Glasgow's Kelvinside Academy, using cash from a part-time job at his father's plant-hire firm.
Two years later, and with a £20,000 fortune of his own, Whyte started up his own plant-hire business, Whyte Hire, which went on to make a £150,000 profit in its first year.
He expanded his business interests to include security and contract cleaning and, by 1997, at the age of 26, Whyte was Scotland's youngest self-made millionaire.
These days, he makes his money as a venture capitalist and splits his time between London and his home in the Scottish highlands - the historic Castle Grant, near Granton-on-Spey, which he bought for £720,000 and renovated to make his family home.
The question which naturally follows on from 'who?' is 'why?'.
Born in Motherwell in 1971, Whyte is reportedly a lifelong Rangers fan. Right now, that appears to be the single, biggest reason for purchasing the club.
Rangers' financial woes have been well documented and the involvement of main creditors Lloyds Banking Group ever more significant in recent years.
Debts stood at around £20million before the takeover was completed and vastly depleted resources on the park means there will be pressure to make cash available for new boss Ally McCoist to strengthen his squad ahead of his first season at the helm.
Whyte first confirmed to the stock exchange he was considering making an offer for Rangers and was in talks with Murray International Holdings regarding a proposed takeover on November 18.
The journey since then has been a long and often frustrating one.
First convincing Murray and Lloyds of his credentials, before eventually receiving the green light from the independent committee of the Rangers board, headed by chairman Alastair Johnston.
Now he must convince the Rangers fans he is the right man for the job and really is the club's 'Whyte Knight' after all.
Source http://www.sportinglife.com/
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