Whyte, 46, is on trial at the High Court in Glasgow, where he denies acquiring the club fraudulently in May 2011.
Rape ruling Scots footballer retires from sport
A footballer judged to have raped a woman with a team-mate has retired from playing.
David Robertson and his ex-Dundee United team-mate David Goodwillie were last week ordered to pay £100,000 damages to Denise Clair after a judge in a civil case ruled they raped her in Armadale, West Lothian, in January 2011.
The men have never faced a criminal trial and Ms Clair, who previously waived her right to anonymity, said she was left ''devastated, upset and confused'' when she was told the men would not be prosecuted.
Goodwillie, currently with Plymouth Argyle, had been accused of serious sexual assault but the charge was dropped.
Robertson was also questioned in connection with the incident.
Cowdenbeath, who Robertson joined in 2016, said the 30-year-old has now retired from professional football.
Chairman Donald Findlay said: "I wish to thank David for all his hard work during his stay at Central Park.''
Ms Clair told the Sunday Post she had refused an out-of-court settlement and feels ''vindicated'' by the ruling.
She had originally sought £500,000 in compensation but damages of £100,000 were agreed in the case at the Court of Session in Edinburgh.
The 30-year-old mother told the Sunday Post: "There was a pre-trial meeting of the advocates in Edinburgh on September 21.
"An increased offer on behalf of both men of £115,000, including expenses, was made. Again, I refused.
''Lord Armstrong awarded me #100,000 - less than the players wanted to buy me off with - and most of it will be swallowed up by legal costs. I don't mind though. All that matters is that I am vindicated.
''I wanted the truth to emerge and no amount of money would have bought my silence or made up for the suffering I, and my family, endured.''
She insisted: ''I would never have accepted anything out of court. I was never for sale.''
In his ruling on the case, Lord Armstrong said that having ''carefully examined and scrutinised the whole evidence'', he found the evidence for Ms Clair, the pursuer, was ''cogent, persuasive and compelling''.
He said: ''In the result, therefore, I find that in the early hours of Sunday January 2 2011, at the flat in Greig Crescent, Armadale, both defenders took advantage of the pursuer when she was vulnerable through an excessive intake of alcohol and, because her cognitive functioning and decision-making processes were so impaired, was incapable of giving meaningful consent; and that they each raped her.''
After the judgment on Tuesday, both Plymouth Argyle, and Cowdenbeath said the players would not be considered for selection while they examine the ruling.
Ian Paterson lied to patients and exaggerated - or invented - the risk of cancer to convince them to go under the knife.
A full list of the candidates where you live can be found here.
It happened outside The Sanctuary on Thursday night.
Most Viewed Pictures On Heart
Recently Played Tracks
To listen live, choose your preferred station:
Now playing: The best feel good music
Deposit £10 to get a £40 Welcome Bonus - That's £50 to play bingo, slots and more!*
Over 50 tracks to make you feel-good. New album out now...
Find your local four day weather report here.
Make Heart the soundtrack to your day and you could be a winner with great prizes up for grabs throughout the day.
Find out more about some of the companies advertising on Heart Scotland- East.