Craig Whyte
Craig Whyte purchased the club for £1 in 2011Getty

Former Rangers owner Craig Whyte has been arrested in Mexico following a major operation to track him down.

An arrest warrant was originally issued for the businessman in connection with his purchase of the Glasgow football team for £1 in May 2011.

A second warrant was issued after he failed to appear in court along with four other men accused of fraudulent activity in connection with the sale of the club.

The Home Office confirmed the 43-year-old, who is believed to have been living in Mexico for several months, is now in police custody.

Whyte previously said he would voluntarily hand himself in at the beginning of December to assist police with their inquiries into the takeover of the club.

Gary Withey, 50, David Whitehouse, 49, Paul Clark, 50, and David Grier, 53, were granted bail after appearing at Glasgow Sheriff Court in connection with alleged fraud.

A Crown Office spokesman said: "We have been advised that the warrant for Craig Whyte has been executed by the Mexican authorities.

"Our International Co-operation unit, working with Police Scotland's Fugitives Unit and the National Crime Agency, will take the necessary steps to secure his appearance at Glasgow Sheriff Court to answer the warrant."

Whyte bought the club from former owner Sir David Murray with the intention of settling its £18m debt to Lloyds Bank. Rangers, who have won the Scottish league title a record 54-times, entered administration the following February.