Craig Whyte "delighted" after being found not guilty of all charges relating to his Rangers takeover

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

Lady Stacey told Whyte: "You have been acquitted and are free to leave the dock."

He replied: "Thank you".

He said to waiting journalists:"Today, I'm just delighted with the outcome."

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.

The fraud allegation claimed Mr Whyte 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...."

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.

Mr Findlay said: "From the moment [it was] insisted that [the words] 'third party resources' was put into the share purchase agreement, Murray was under notice. 

"You now know that that money is subject to some form of condition, because it has to be. Third party funding, by its very nature, cannot be unconditional."

After the verdict, former Rangers chairman Alastair Johnston who was criticised over his handling of club affairs druing the trial claimed Mr Whyte should have been charged with "murdering" the club.

The Scottish Football Association, the game's ruling body said it would consider pursuing Mr Whyte over a £200,000 fine for bringing the game into disrepute.

The penalty was imposed by the governing body in 2012, but the money was never paid.