FOR a scheme that was benefit by name and, supposedly, benefit by nature, EBTs appear to have plenty of downsides.

The Supreme Court may have brought an end to the legal machinations regarding the use of Employee Benefit Trusts at Ibrox during Sir David Murray’s reign, but the debate continues apace. If some in Scottish football get their way, the ramifications and recriminations have still to come. For Dave King, a line should be drawn.

In a lengthy statement on Friday afternoon, the current Gers chairman and majority shareholder had his say and turned his attentions to the man who once held his position and that he sat alongside on the Rangers board for several years.

King criticised ‘certain sections of the media’ for their coverage in the aftermath of the Supreme Court ruling on Wednesday, while he also hit out at Celtic following their invention into the matter.

It was Murray that King mainly had in his sights, though. As the calls for Rangers to be stripped of honours they won during a nine-year period continue to grow in some quarters, King has insisted that what was won on the pitch should remain in the Ibrox trophy room.

“As an investor and board member during the period of the so-called benefit I can categorically assure all supporters that the Club received no benefit whatsoever,” he said.

“The opposite is true as the effect on the Club was wholly negative. It was charged huge sums for advice from other Murray Group entities and it bore the consequences when that advice proved inadequate.

“Every single player that was signed during that period would have been signed whether the Murray Group tax scheme was in place or not. The real beneficiary was the Murray Group.

“All board members were aware during that period that we were often deliberately spending more than we earned and this was reported in the annual financial statements. The cash needed to fund any shortfall came from share placements, shareholder loans, and third-party bank finance.

“As David Murray was personally dealing with transfer expenditure, I sought assurances in a board meeting each year that he would stand behind any deficit that could not be immediately funded if he over extended in the transfer market.

“He gave these assurances and he honoured them until the Murray Group got into financial difficulty.

“Put simply, the Murray Group tax scheme helped David Murray reduce his overall investment into Oldco while simultaneously reducing any reliance on increased third-party bank finance. The benefit went exclusively to David Murray and the Murray Group.

“Whether the scheme was in place or not, or whether it survived tax scrutiny or not, made no difference whatsoever to the playing squad of the Club during that period and hence had no impact on the performance on the pitch. We won all of our titles fair and square.”

The ramifications of the EBT case are well known, the story and the characters well versed. It is a chapter in Rangers’ history that King is keen to close as he looks to lead the club further away from the mire it found itself ensconced in.

“A good analogy of what happened at the time is the present position following regime change,” he said.

“As we rebuild the squad we are deliberately and transparently spending beyond our income. Once we commit to expenditure it is my job to secure the required funding.

“If I create a scheme (as David Murray thought he had) that reduced the amount of cash needed to support the Club then I would save on my required investment – but the Club and the player squad would be exactly the same.

“For the avoidance of doubt, I am not looking at such a scheme. Given the negative consequences for the Club of such financial engineering in the past, I cannot conceive of any circumstances in which that might change.

“While I am Chairman, Rangers’ overspending will always be on a sustainable and robust basis and one that safeguards the future of our Club.”

The end of the EBT legal saga has altered the face of history when it comes to Murray but Rangers are determined it won’t change the record books. Murray’s reputation is tarnished irreparably amongst supporters yet the silverware and the success earned during those years remains precious.

It is that haul of medals, including five league titles, that could come under threat if Celtic and the fans of other clubs get their wish and a new investigation is launched into the way the EBT scheme was operated at Ibrox.

Four years ago, the Lord Nimmo Smith Commission found that Rangers ‘did not gain any unfair competitive advantage’ from 2001-2010 and those in Light Blue remain firm in their stance in the aftermath of the ruling in favour of HMRC.

King said: “It is reassuring to note that the SFA promptly and correctly put out a statement confirming, against Celtic’s attempt to influence, that the final tax ruling has no impact whatsoever on the practical and legal findings already made. This is now another matter that we can finally put behind us.”