Rangers majority shareholder Craig Whyte has agreed to sell his stake in the club to a London-based consortium, reports claim.

Preferred bidder Bill White had been expected to complete a deal for the Ibrox outfit in the near future, but withdrew his offer earlier this week, stating that the financial condition of the club was worse than he anticipated.

Administrators Duff & Phelps had claimed that talks with three other bidders were ongoing as they looked for an alternative buyer.

Now, according to Sky Sports News, an unnamed London-based consortium with Premier League experience have reached a deal with Whyte for his 85% stake and cleared the way for a takeover to occur.

The Glasgow club have been in administration since February.