Whyte has pledged an immediate £5million injection to manager-in-waiting Ally McCoist’s summer rebuilding plans plus money to improve the state of Ibrox Stadium.
The incoming majority shareholder has also promised a further £20million of spending over four years and guaranteed to settle the club’s debt with Lloyds Banking Group.
Murray International Holdings revealed they had approved the sale of their 85% shareholding after securing a deal they believe to be in the best interests of the club.
And, in a statement, Sir David Murray said: “From a personal perspective, today is the end of an era.
“I have had the privilege of being the majority shareholder of our great football club for over 22 years.
“During this time, we have seen many highs and lows together, and I trust that the successes will continue for many years to come.
“I have worked with numerous talented directors, players and staff members, whose support and endeavour have assisted in our collective success.
“Finally, I must thank our loyal fans, without whom the club would be unable to survive. They are, and will remain, the backbone of our history, and of our future.”
MIH had announced in June last year that they were no longer actively marketing their shareholding, but Whyte emerged as a potential buyer in November and secured the deal after convincing the former Rangers chairman of his intentions.
The MIH statement read: “Over the last few years, MIH has received interest in its controlling stake from a number of parties.
“However, the board of MIH has previously been unable to secure an offer which it considered to be in the best interests of the club, its shareholders and its fans.
“Following detailed negotiations and discussions with Craig Whyte, MIH now considers that an agreement has been reached which satisfies these criteria.
“The transaction provides for funds to be immediately available with £5million of investment in the playing squad together with further money available for the infrastructure of the stadium and working capital.
“In addition, Wavetower has stated its intention to invest a further £20m over a four-year period.
“Wavetower will also acquire the indebtedness of Lloyds Banking Group, the secured creditor, and is under an obligation to waive this debt in the foreseeable future, thereby strengthening the club’s balance sheet.
“MIH is receiving £1 for the sale of its controlling shareholding.
“MIH and its executive chairman, Sir David Murray, have agreed terms attaching to the sale of its stake in the club that ensure an immediate and substantial improvement in the club’s financial position as well as a significant investment in the club and its playing squad.”