Which way now?

Ultimately, the two businessmen who will determine the future ownership of the club, since Lloyds Bank are interested only in recouping their debt -- now thought to be £18m -- and are convinced that Whyte has the funds to pay that off. Murray, too, is certain that Whyte can finance the purchase of his shares, and a deal between the two has essentially been agreed. Murray may also take the hard-edged business decision to do a deal that removes the responsibility for Rangers from his concerns, allowing him to focus on the rest of his interests.

In these circumstances, Whyte will have to replace the current board, and deal with the PR challenge of having been doubted by Alastair Johnston, Martin Bain, John McClelland, John Greig and Donald McIntyre, all figures respected by the Rangers support. It is believed that as the new owner, Whyte might be able to disband the board within 24 hours but, even if he does oust them, he will have to move quickly to appoint replacements.

Rangers could run for a time without leadership, but contract negotiations, strategic planning decisions for next season, even contributing to the SPL vote on league reconstruction will all have to be addressed.

Whyte has no experience of working in football, let alone running a club, and even Andrew Ellis, who will receive a 25% stake, spent only a short time as chairman of Northampton Town. Longer-term, Whyte needs to reveal how he intends to finance the club beyond the £25m he has pledged to spend after taking over.

Craig Whyte tries to persuade the board’s independent sub-committee of his resources

If Whyte continues to trust that his agreement with Murray holds, even in the face of the other group seeking to persuade the owner of the merits of their proposal, then he can wait to sign the deal while discussing his plans again with the sub-committee. The shrewd decision might be to try to work alongside Bain and the other board members, at least initially.

He needs to convince them he has funds beyond the £28m thought to be already lodged in a Lloyds bank account -- £18m to cover the debt and £10m as an immediate capital injection -- since they have questioned the legitimacy of the £25m he has pledged to then make available to Ally McCoist (a doubt that Whyte’s associates have dismissed).

The board sub-committee seem to favour the alternative bid involving Dave King and Paul Murray because they know the individuals involved and may retain their own roles in the club under them.

Whyte does not have the same personal fortune as King, but the South African-based businessman has never intimated he will personally fund the club, and instead plans to raise capital with a share issue. Whyte can do this, too, so there is common ground, if he can persuade the sub-committee of his intentions and his wherewithal. They could, in turn, help him to develop ties with King, Paul Murray and the other potential investors lining up behind the second bid. This is the least divisive scenario, but also the most unlikely.

Craig Whyte walks away, or is gazumped by Murray choosing to sell his stake to the Dave King/Paul Murray-led group

Although Murray has been keen to promote Whyte’s bid, and is eager to sell, he might view the alternative as safer to his long-term reputation, since King has a vast personal wealth (although also a tax case to deal with in South Africa) and new investors ready to buy shares.

With the detail of a transaction already in place, courtesy of Whyte, King could simply agree to the same terms with Lloyds and Murray, and so enable a swift purchase that wipes out the debt and buys Murray’s stake in the club. For the outgoing owner, this could be presented as a final selfless act: selling to the buyer who the board sub-committee prefer.

King would then dilute his shareholding by selling to a group of individual businessmen whose investment would raise funds for McCoist, and for the refurbishment of Ibrox. King would retain a controlling interest, but a share issue would also open up ownership to ordinary supporters, which would also appeal to the fanbase whose optimism would be renewed by the start of a new era.