CRAIG Whyte has been found not guilty of all charges relating his 2011 takeover of Rangers.

The jury came to its decision to find Mr Whyte not guilty of fraud and of 'financial assistance' in just two hours at the end of what as a six week trial.

Last Stacey told Whyte he was free to leave the dock, to which he replied: "Thank you".

Read more: Craig Whyte portrayed as 'pantomime villain' in Rangers trial, court told

Whyte, 46, had denied the two charges against him, one of acquiring the club fraudulently from Sir David Murray in May 2011 and another of “financial assistance” under the Companies Act – which centres on a payment, between Whyte’s Wavetower company and Rangers, using season ticket funders Ticketus to clear the club's £18 million bank debt with Lloyds.

Part of the fraud allegations against Whyte is that he pretended to Murray and others that funds were immediately and unconditionally available to make all agreed-to payments in a share purchase agreement.

The prosecutors maintained that the key to Mr Whyte's guilt came in his signing up to a share purchase agreement which included a clause that proved pivotal in the case, that said he and his company Wavetower "warrant and undertakes" that it has "immediately available from its own and third party resources on an unconditional basis (subject only to completion) the cash resources necessary...."

Read more: Craig Whyte portrayed as 'pantomime villain' in Rangers trial, court told

But Donald Findlay QC, defending, said Mr Whyte was the "fall guy" for the state of the club, dismissed that any crime had been committed, and asserted that the fact the agreement referred to using "third party funding" implies that the money had conditions attached.