Summary
YOUR article on the Rangers rights issue is notable in that it presents a very stark view of the motives and intentions of David Murray (September 2). However, the focus of your article remains on "the debt" rather than on the root cause of this debt; the mismanagement which has meant that Rangers have not made a profit since 1996. It is here that the record of David Murray and his "stewardship" of Rangers deserves more attention.
Since 1996, Rangers have lost a total of (pounds) 145,816,000. The (pounds) 40m invested by ENIC and the (pounds) 20m invested by David King have been squandered to the extent that, a couple of years ago, Rangers literally ran out of cash. Hence the "revolving credit" (at commercial rates) from the Murray Group. Rangers would also be technically insolvent had it not been for the fortuitous revaluation of Ibrox Stadium. In the real world, it is unlikely that anyone would pay (pounds) 100m for a second-hand stadium in Govan.See the full content of this document
Extract
If Glasgow Rangers Were a Public Company . . .
Turning our attention to the Murray Group, the picture is not much rosier. The last set of published...
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