Craig Whyte has agreed to sell his 85% shareholding in Rangers to an English-based consortium, Press Association Sport understands.

The consortium held talks with administrators Duff and Phelps on Thursday afternoon and Whyte is hoping the group can strike a deal to take over the Ibrox club by Friday ahead of attempts to exit administration through a Company Voluntary Arrangement (CVA).

The new group contains figures who have been in involved at chief executive and chairman level at English Premier League and Championship clubs in the past and Whyte believes they are the only serious bidders.

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