The owners of Railtrack bonds have agreed to sell them to Network Rail, clearing the way for the new company to take over the running of the UK's rail infrastructure.

Network Rail has already agreed to buy Railtrack's shares.

On 7 August Railtrack bondholders agreed to sell all but two of the company's bonds, and the sale of these two was agreed on Friday.

"I welcome this news, "Ian McAllister, chairman of Network Rail said.

"All classes of bondholders have now voted overwhelmingly to approve Network Rail's proposals.

"We have outlined our detailed plans to deliver a safe, reliable and efficient rail infrastructure, and are eager to begin implementing them."

Network Rail is a not-for-profit company controlled by train operators, rail unions and passenger groups.