Rangers director Paul Murray reveals rival deal to buy club as Craig Whyte bid falter

[ian1964 10,429]

HE'S a Rangers man with a head for figures.

 

If he gets his wish Paul Murray could soon be the man who is Gers' figurehead.

 

The 46-year-old dyed-in-the-wool Rangers fan has made a successful career for himself juggling with numbers.

 

But now the wealthy Borders-based chartered accountant has a board game ahead of him - with the Ibrox club sitting as the top prize.

 

SunSport can reveal the Rangers director with the plan to take over the club he loves has held hush-hush behind-the-scenes talks with Sir David Murray for four days now.

 

And with Craig Whyte's rival bid to gain control now teetering on the brink of total collapse, Paul Murray's proposal is now regarded by many within the Ibrox corridors of power as the ONLY way ahead.

 

Murray - no relation to majority shareholder Sir David - has joined ranks with South African multi-millionaire Dave King and motoring tycoon Douglas Park to piece together a package.

 

And SunSport can reveal Plan B would mean:

 

GERS never again being tied to the financial fortunes of ONE man.

 

A spreading of the financial burden among a wealthy consortium with others joining King and Park.

 

LLOYDS Bank STAYING as Gers bankers with the club pledging to service a debt that is expected to plunge down to around a manageable �£15million mark this summer.

 

It's understood the financial guarantees which have been discussed would blow the Whyte deal out of the water.

 

And that is far more appealing to the football men of Ibrox who have kept the club on top of the pile in fraught times.

 

SunSport can reveal Paul Murray aims to give boss-to-be Ally McCoist a transfer war chest of a whopping �£20MILLION for a megabucks spending spree this summer.

 

That's the amount of money the Ibrox football department have told wannabe owner Whyte is required to properly revamp the current playing squad.

 

The money would allow Gers to KEEP stars such as Steven Davis, Madjid Bougherra and Allan McGregor - who have been offered extensions.

 

McCoist would also be able to delve into the transfer market and attempt to sign tried and tested talent for next season.

 

Gers have had that sort of investment at regular intervals in recent years.

 

In 1997 investment company ENIC ploughed �£40m into the club.

 

Then around four years later cash-rich businessman King stepped in to pour around �£20m into Gers' struggling financial funds.

 

The most recent cash injection saw Gers sell their club shops to sports firm JJB for an initial fee of �£18m with a further �£2m-a-year.

 

With money now too tight to mention Ibrox and Murray Park have been neglected and Paul Murray's proposal would also see around �£7m set aside to pay necessary renovation costs, while he could also have to foot a massive �£2.8m tax bill.

 

Those are the figures which simply stack up much better than the Whyte deal in the eyes of the current Rangers board.

 

And that's why Whyte's bid to buy the club has been shunted over to one side, much to his fury.

 

There have been growing concerns within Rangers' boardroom for some time now that Whyte did not have the financial muscle to take Gers where they wanted to go.

 

Whyte DID convince Sir David Murray to sell his 92 per cent controlling stake with Lloyds Bank also willing to rubber-stamp a deal.

 

The Gers board were also initially reluctant to step in to block the talks and were willing to sanction the takeover if Whyte proved he had the dough to give McCoist a fighting chance in his first season as boss.

 

But chairman Alastair Johnston acted to derail the Whyte bid when he saw the detailed financial plan he had formulated. It's been reported until now that Whyte planned to spend �£52.5m of his own money to buy out current owner Sir David Murray.

 

He'd pay �£18m of debt to Lloyds Bank and hand over a significant transfer kitty to new gaffer McCoist for next season.

 

But those figures have not materialised to the satisfaction of the concerned Ibrox board, who were stunned to learn that Whyte's funds only ran to a paltry �£9m.

 

That money would have been split between �£4m costs to renovate Ibrox and Murray Park, with just �£5m dedicated to contracts and new players. With the playing squad in such dire need of investment alarm bells started ringing.

 

And Whyte failed to convince the men who matter he had an understanding of what was required.

 

Director Paul Murray DOES have a grasp of the inner workings of Gers.

 

Some Rangers supporters remain unconvinced as he appears to have stood in the way of the Whyte masterplan. But the fact he first became involved with the Gers youth development board back in 2004 shows he does have the best interests of Rangers at heart.

 

The ball is now firmly in owner Murray's court as he decides whether or not he's prepared to do business with his namesake. The discussions he's held with Paul Murray in recent days have been promising and could gather pace in the weeks ahead.

 

Under the Paul Murray/King alliance, the steel tycoon would NOT receive the same initial payment of around �£3.2m for his share of the club that Whyte was willing to hand over.

 

But Sir David would be promised a lump sum further down the line once there had been a share issue to dilute his stake.

 

His reputation among Rangers supporters has hit an all-time low after 23 years at the helm of the club, and he knows this is the time to step aside.

 

Read more: http://www.thescottishsun.co.uk/scotsol/homepage/sport/spl/3538772/Murray-minted.html#ixzz1K6rSItEv

[Guest damien]

I'm sorry but this new Paul Murray bid just smacks of keeping 'jobs for the boys'. Yes a �£20m warchest in the summer would be nice, but no to still remaining in debt to Lloyds. We need to clear our finances, clear this tax fiasco and move on as a completely clear business and football team. Yes it may take longer than a season to rebuild a good team but we would be safe in the knowledge that we have a future debt free. This new short-termism deal basically leaves us in debt and with begging bowls out to raise more capital. It doesn't make sense. I have no confidence in our board now and even less in our chairman.

[maineflyer 0]

I've heard it said that the only meaningful role of the football club chairman is to deliver finances for the manager. in any case, why would any Rangers supporter have a problem with our chairman wanting two rival bids competing for the club, wherever they come from?

 

We need to get our heads round two fact. Firstly that the end game is only just beginning and secondly that we should only judge the merits of the bidding parties if we actually have some facts at our disposal. Speculation about who is most suitable is, above all, pointless.

[chilledbear 16]

Our position in all of this is to buy ST Books, not speculate in who is ruining the Club.

[Guest scotranger]

The takeover situation is very confusing for we supporters. The thread re Paul Murray makes interesting reading, however over the last few years in particular we have watched our great club suffer at the hands of our bankers, making it difficult, at times, to field a team and with reliance up to five loan players. Given the situation, why have Mr Murray and Mr King waited so long to declare their interest? What about the tax problems of Mr King. Furthermore our current chairman has contributed very little over his term. Should we as a support trust his judgement? Having said that it is good to see such interest in the club, however late. Let's hope we can see the club back on the rails, whilst avoiding the many mistakes of the past.

[gisabeer 409]

The takeover situation is very confusing for we supporters. The thread re Paul Murray makes interesting reading, however over the last few years in particular we have watched our great club suffer at the hands of our bankers, making it difficult, at times, to field a team and with reliance up to five loan players. Given the situation, why have Mr Murray and Mr King waited so long to declare their interest? What about the tax problems of Mr King. Furthermore our current chairman has contributed very little over his term. Should we as a support trust his judgement? Having said that it is good to see such interest in the club, however late. Let's hope we can see the club back on the rails, whilst avoiding the many mistakes of the past.

 

King has resolved his tax issues in South Africa. Rangers debt in 2009 was 41 million taking into account the money owed to loyds and the monies owed to other clubs for outstanding transfers. The debt has been halfed in that two year period. There is also the manner in which previous Lloyds employees (messers Keane and co) handled the situation at Rangers providing many stumbling blocks in the boardroom.

 

King and Murray were not in a position to bargain two years ago given the amount of debt (nor whyte for that matter) but the club is now a far more attractive proposition now that debt has been halved. withe the removal of Keane and his chums from the Lloyds banking group it has been suggested that murray and king would find better favour when dealing with Lloyds and would have a far better chance of brokering a deal with the bank.

 

I personally would like to see new faces in the boardroom. We need fresh ideas and different ways of thinking right now. These guys are the same ones who sat with their mouths firmly closed when David murray was running the club into the ground and did nothing. like some others on this site i believe self interest from the boardroom is the main driving force behind the second bidders with scant regard for the fans or the good of the club.

 

and that is a very dangerous game to be playing with the future of Rangers Football Club.

[Stefanovitch 0]

King has resolved his tax issues in South Africa. Rangers debt in 2009 was 41 million taking into account the money owed to loyds and the monies owed to other clubs for outstanding transfers. The debt has been halfed in that two year period. There is also the manner in which previous Lloyds employees (messers Keane and co) handled the situation at Rangers providing many stumbling blocks in the boardroom.

 

King and Murray were not in a position to bargain two years ago given the amount of debt (nor whyte for that matter) but the club is now a far more attractive proposition now that debt has been halved. withe the removal of Keane and his chums from the Lloyds banking group it has been suggested that murray and king would find better favour when dealing with Lloyds and would have a far better chance of brokering a deal with the bank.

 

I personally would like to see new faces in the boardroom. We need fresh ideas and different ways of thinking right now. These guys are the same ones who sat with their mouths firmly closed when David murray was running the club into the ground and did nothing. like some others on this site i believe self interest from the boardroom is the main driving force behind the second bidders with scant regard for the fans or the good of the club.

 

and that is a very dangerous game to be playing with the future of Rangers Football Club.

 

With David Murray owning 90%+ was there really anything they could do? Perhaps with a consortium i.e. Paul Murray, Dave King and Douglas Park there would be more chance for debate and discussion.

[Tumshie RFC 0]

Not sure about this new Murray bid but I agree with him on one point. No-one man should control upwards of 90% of a football club. Rangers should be moving to a model similar to that of a club in the Bundesliga.

[maineflyer 0]

King has resolved his tax issues in South Africa. Rangers debt in 2009 was 41 million taking into account the money owed to loyds and the monies owed to other clubs for outstanding transfers. The debt has been halfed in that two year period. There is also the manner in which previous Lloyds employees (messers Keane and co) handled the situation at Rangers providing many stumbling blocks in the boardroom.

 

King and Murray were not in a position to bargain two years ago given the amount of debt (nor whyte for that matter) but the club is now a far more attractive proposition now that debt has been halved. withe the removal of Keane and his chums from the Lloyds banking group it has been suggested that murray and king would find better favour when dealing with Lloyds and would have a far better chance of brokering a deal with the bank.

 

I personally would like to see new faces in the boardroom. We need fresh ideas and different ways of thinking right now. These guys are the same ones who sat with their mouths firmly closed when David murray was running the club into the ground and did nothing. like some others on this site i believe self interest from the boardroom is the main driving force behind the second bidders with scant regard for the fans or the good of the club.

 

and that is a very dangerous game to be playing with the future of Rangers Football Club.

You make some good points but I have to take issue with something you and many others are saying or inferring ... that the current board have failed to speak up during David Murray's period of ownership. How do we know they did not speak up against the current regime, individually or collectively, officially or otherwise? Where is the evidence of this? Who has scrutinised the board minutes and who believes dissent would have been minuted anyway?

 

I'm not going out of my way to defend anyone for the board's performance during recent years but it's altogether another thing to condemn people for failing to affect change in a regime where one person controls over 90% of the club. Directors have a legal duty to act both in compliance of the law and in the interest of the shareholders - and that means in the interest of David Murray. Perhaps they should but the fact is the Directors are not there to act in your interest or mine. That's just a fact, however unpalatable.

Edited April 21, 2011 by maineflyer

[rbr 1,247]

Dave King was never ever going to walk away from a situation where his �£20 million investment was only worth �£600,000 ( thanks Bluedell) , now if this proposed bid attains a higher level of investment in the squad whilst still getting rid of Murray and at the same time increasing the number of high worth investors then it should be looked at .

 

Ironically like the old joke about buses , you wait years for a buyer then two come along at the same time ..

 

 

Another amazing thing in all this is how different forums , well �£�£ and RM , have well respected posters who are being fed completely different information , god only knows how this mess will end up .