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CRAIG WHYTE has flogged 102 years of Rangers history by selling the club’s shares in Arsenal.

The latest revelation, which will sicken the club’s supporters, has come to light as part of Record Sport’s explosive investigation into Whyte and the £1 deal he struck to buy Rangers after selling off £24.4 million worth of season tickets to finance his takeover.

Fresh information in our possession now shows how Whyte struck a deal worth more than £230,000 with a consortium called Red and White to sell off the 16 shares and cash in on a historic link between the clubs dating back to 1910.

And brazenly, Whyte then blocked a move for the cash to be paid into the Rangers bank account, demanding instead it stayed lodged in one of his own companies, Pritchard Stockbrokers in Bournemouth.

Pritchard’s assets have now been frozen on the orders of the Financial Services Authority. The FSA moved in on Friday after ruling that Pritchard, who listed Whyte as board ­secretary, had used client money to cover its own costs.

The increasingly ­embattled Whyte then resigned from his position at Pritchard’s before standing down from two further directors’ posts with related companies, Merchant Corporate Recovery and Merchant Strategic Renewal.

Now Rangers’ ­administrators, Duff and Phelps, may attempt to recover the missing money as they fight to clean up the financial carnage which Whyte has created during his disastrous nine months at the Ibrox helm.

The close friendship forged between Rangers and Arsenal spans back to the turn of the last century when the Londoners were experiencing financial trouble of their own.

It’s believed Rangers attempted to help out by buying two shares in ­Woolwich Arsenal because their manager, George Morrell, had previously worked for the Ibrox club.

Around 20 years later, a much stronger and vibrant Arsenal gifted Rangers with a further 14 shares in return for their support during troubled times.

This cemented what was already a rock solid ­relationship between the then managers, Bill Struth and Herbert Chapman.Struth and Chapman are today revered by fans all over the world as the greatest servants in the history of their clubs.

But Whyte ignored these historic links when he seized control of Struth’s old side and saw a chance to make a killing on the link.