Craig Whyte threatens to sue SFA for defamation Scottish football's regulators are inept and have showed themselves up. But they have no jurisdiction over me. The SFA declined to comment. Whyte has agreed to sell his 85 per cent shareholding in Rangers for £2 to Charles Green, who is leading the consortium in place to take control of the club. The former Sheffield United chief executive's group has pledged £8.5 million for creditors who will be able to vote on a Company Voluntary Arrangement (CVA) next week. Should creditors reject the CVA, then Green would form a newco. Whyte is giving the CVA his full backing and is ready to walk into the sunset following his traumatic period as owner of Rangers, which began when he bought the club from Sir David Murray last year for £1. "I am 100 per cent behind the CVA, I am very much in favour of it," he said. I hope it goes through because it is the best way forward for the club and it will leave Rangers in an excellent situation. My shares will form part of the consortium's shareholding and after that I will focus on other activities. It has certainly been eventful year but I did what needed to be done, unpopular as it was. There was no alternative. It had to be done. If it wasn't me it would have been someone else. People will look back in a year or two with a different view. People have conveniently forgotten the state Rangers were in at that time. I should have taken the club into administration on completion of the deal. But there was no way the situation would have been avoided unless someone came in and put in £100 million and we have seen in recent weeks how difficult it is to get anyone to put money into a football club. Rangers director Dave King, though, is urging creditors to reject Green's CVA proposal. South Africa-based King has also called on Gers fans not to renew their season tickets until Green reveals the details of his consortium plans. "I am opposing the CVA and urge all loyal fans to do the same," said the exiled Scot. We don't want to be back in a similar situation next season. I also believe that all true Rangers fans should not buy any season tickets until full and frank disclosure has been provided by Duff & Phelps (administrators), Mr Green, and Mr [Craig] Whyte, as to what is truly going on behind the scenes. King, Rangers' second largest shareholder, believes Green's consortium has not provided enough information about how it would fund the acquisition of the club or invest in it in the future. He also claims the offer does not give him comfort that the consortium has the "requisite business skills," appreciate that "the club cannot be run on purely business principles" or "recognise that the fans are key stakeholders in the club."