CRAIG WHYTE will walk away from his Rangers takeover if it doesn't go through early this week.
The tycoon is furious at the stalling tactics used by Ibrox board members against his bid.
And the Motherwell-born investor has issued an ultimatum - either Gers accept his £55million buyout or he will pull the plug.
An insider close to the tense negotiations said: "Whyte is so angry at the whole thing taking so long that he is going to walk away.
"He has told parties involved if the deal isn't done by close of play on Tuesday, it's finished. Unless he sees real movement from Rangers when the stock market closes, he is pulling out.
"The wheels better be in motion come Tuesday, or he's killing the plan. It's crunch time. He's in deadline mode now.
"The waiting game is over for him. Rangers need to get their fingers out now."
A faction inside Ibrox has been opposed to Whyte's investment in the club from the get-go, our source confirmed. However, Whyte is reluctant to give up on his dream of owning the champions and breathing new life into the club.
Even boss-in-waiting Ally McCoist, 48, has admitted Gers will be "in big trouble" if the Whyte take-over doesn't go ahead.
McCoist, who has only four games left as Walter Smith's No 2, warned his players' wages bill is being slashed and he will have no money to spend on strengthening the squad.
He said: "If things stay the same I will have to cut quite severely."
Whyte and his co-bidder, London-based property developer Andrew Ellis, 42, have already set up the company which will take over the club.
Wavetower Limited was formed in Bristol last September, then switched its address to a firm of solicitors in London a month later when Ellis joined the board.
Whyte became a director in March along with a long-standing business partner, Philip Betts. With all the aspects of the deal in place, Whyte hopes to wrap up the deal when the London Stock Exchange reopens for business on Tuesday.
Our source said: "Whyte has lost patience with factions opposed to his investment. This has cost him around £750,000 of his own money to get where we are now."
The venture capitalist has had to leave a lot of his other international business interests for the last six months. Our insider added: "More than anything he feels sorry for the fans, who have had to put up with this protracted saga. Craig deeply regrets the situation they find themselves in, but it hasn't been from a lack of effort on his part."
Whyte met members of the board last Sunday for face-to-face talks at Murray Park after the Old Firm clash. He gave the board all the figures, went through the details of the deal, showed his investment plans and provided financial guarantees during a 5pm sit-down.
Whyte only took the meeting to go through everything again after news of a rival offer emerged from inside the boardroom last week.
It was claimed that director Paul Murray, 46, and South African-based Dave King, 55, were behind a last-ditch attempt to get Sir David Murray's shares.
However, no further details of this alleged bid have emerged. King is still mired in a decade-long court battle with the South African authorities over allegations of unpaid tax and his own five per cent stake in the club has been frozen by the courts.
Our source said: "Whyte knows there are people at Ibrox who'd be happy for him to walk away. But he doesn't want to let them win.
"As far as he's concerned there is no other bid on the table. Whatever else has been written or said, there is no other take-over deal at Ibrox.
"He has satisfied everybody that matters. Lloyds, Sir David Murray, and all the working capital, and the investment capital is in place. All the assurances have been given.
"But there are people who don't want the deal done. They are involved in stalling tactics. Some members of the independent committee at Rangers should take a close look at themselves."
Present owner Murray, 59, is believed to have backed Whyte's bid and wants an end to all the backroom infighting. He is desperate to help secure Rangers' financial future and sees Whyte as the only viable option.
A Murray insider said: "Sir David doesn't want to leave Rangers in debt, or while the acrimony and boardroom bickering continues.
"He wants to be able to say 'I left Rangers with no debts, this is my legacy to the fans.' He is worried anything tarnishes his reputation."
Last night Whyte refused to comment on his position regarding the Rangers take-over. A spokesman said: "Mr Whyte cannot comment on any aspect of the deal because of Stock Exchange rules.
"Having said that, it is no secret that he is very frustrated by all the delays. He is the only party in this long, drawn-out process, who has never put a deadline on getting it over the line. But no one's patience is limitless."
