Wavetower, a company fully owned by Craig Whyte's Liberty Capital group, has acquired more than 85 per cent of Glasgow Rangers Football Club for £1.

The businessman has purchased Sir David Murray's stake in the Scottish Premier League club, with £5m to be made available for investment in the playing squad. Wavetower has also pledged to provide funding towards the infrastructure of the stadium, while also investing an additional £20m over a four-year period.

Whyte said: "After more than six months of negotiations, I am delighted to confirm that agreement has been reached between myself, Sir David Murray and Rangers FC." Meanwhile, the Football Association (FA) has revealed that Queens Park Rangers Football Club (QPRFC) has been fined £875,000 for breaching third party ownership rules.

The npower Championship winners were found guilty of two charges, and have also been asked to contribute 50 per cent of the regulatory commission's costs. However, the FA said that QPRFC would not be deducted points.