Tannochsidebear 2,322 Posted October 26, 2009 Share Posted October 26, 2009 Since the debt started to escalate around a decade ago, the previously successful chairmanship of David Murray has started to come under scrutiny from concerned bears. When the debt got to �£80M and the bank stepped in, he took a back seat while McLelland got things back under control. He came back when the debt was back down under some element of control, and in just a couple of short years, managed to blow it again. There has always been a lot of debate on the pros and cons of David Murray's reign as Rangers chairman, with the support split down the middle and very passionately defensive of their stance in either support of criticism of Murray. The jury has been out for some time, and today we have the result, and it is unanimous. David Murray has been a disaster for our club, as we stand today on the brink of bankruptcy, fighting with the bank for our very existence, there can be no other verdict. We can thank him for presiding over a very good decade of dominance, but ultimately he blew it big time and for the last decade it has been disaster after disaster after disaster. Not only has he lost his influence over the club to the bank, I understand he stands to lose everything due to his portfolio crashing and now owing more to the bank than his assets are worth. What a sorry way to go out, but his story at Rangers is now complete. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,186 Posted October 26, 2009 Share Posted October 26, 2009 I don't think there is much to argue with there.... 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted October 26, 2009 Share Posted October 26, 2009 Is it reliable info we're hearing regarding a couple of MIH companies going into administration this week?? I hadn't realized that MIH had such a massive amount of debt. 0 Quote Link to post Share on other sites More sharing options...
Tannochsidebear 2,322 Posted October 26, 2009 Author Share Posted October 26, 2009 Not quite sure if they are definately going into admin, but from what I have heard his portfolio revaluations have made his whole business paper insolvent, with debt exceeding asset worth, and he is in big doodoo (technical term!!) 0 Quote Link to post Share on other sites More sharing options...
andy steel 0 Posted October 26, 2009 Share Posted October 26, 2009 (edited) The only argument I have with that, Frankie, is that I was quite happy to applaud Murray for the good years, so I feel more than a little disloyal to put the boot in now times are, shall we say, sticky. I don't doubt in the long run, like in 25 years, when someone writes a history of Rangers David Murray will have quite a lot of dung flung at him...I can't do that just yet. It's too soon. Edited October 26, 2009 by andy steel 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,186 Posted October 26, 2009 Share Posted October 26, 2009 I was happy to applaud him as well mate but that shouldn't make him exempt from criticism after the fact - never mind the here and now - for a situation that he contributed greatly to. 0 Quote Link to post Share on other sites More sharing options...
andy steel 0 Posted October 26, 2009 Share Posted October 26, 2009 'Facts' are still thin on the ground, though. Plenty of hearsay, but that's not the same. 0 Quote Link to post Share on other sites More sharing options...
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