Murray: Board cash drain leaves Rangers 'in danger'

MALCOLM MURRAY reckons Rangers are "in danger" if he and his fellow Board hopefuls are not successful at this month's AGM.

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Former chairman Malcolm Murray has warned Rangers are at a dangerous crossroads
Former chairman Malcolm Murray has warned Rangers are at a dangerous crossroads

The former Light Blues chairman is bidding to win a seat at the Ibrox top table alongside Paul Murray, Scott Murdoch and Alex Wilson. He and Murray met with representatives of 60 Rangers supporters' clubs in Belfast on Monday night following talks with around 500 fans at an event in Glasgow last week as they bid to keep up the momentum.

"I personally think that the club is in danger if we don't get a win here," Malcolm Murray said.

"I don't see how it's going to be funded. The official statement from the last fans' meeting with the current board said that they would have £1m cash left in April.

"They spent a lot of that already in pay-outs so I don't know how much longer it will be before it runs out, probably before Easter if things don't change dramatically or unless they have investors lined up, which they haven't said they have. We do have, both private and institutional investors, who will back us."

The under-fire Ibrox board have bolstered their hand ahead of the December 19 shareholder summit with the appointments of David Somers as chairman, Graham Wallace as chief executive and Norman Crighton as non-executive director.

Craig Mather, Ian Hart and Bryan Smart have all left the Gers board since the Requisitioners launched their bid for control and Murray reckons the AGM will be crucial to the future of club.

"I want to get involved to help save the club," he said.

"This time last year there was a short period when we thought that things were looking pretty good. We raised £22m, had a clean balance sheet, had full asset ownership.

"Unfortunately, with all of our difficulties most of that cash has disappeared on non-investment activities.

"Investment activities mean spending money on the stadium or players - that's what a football club does - but the money has been spent elsewhere and it needs tight cash control for the future, new funding - which we have access to - and to get the faith of the fans back.

"This puts us in a position to go to any of the institutional investors who are still wavering and say we have the customers overwhelmingly behind our group to clean this up for the future. That's why it's important.

"I was an institutional fund manager for over 30 years. In 30 years of trying to sort companies out this is the most complex situation I have ever seen, ending up in the Court of Session in Edinburgh to get nominations at an AGM is outrageous and a waste of company funds. It could have been done months ago."

Finance

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