The Disreputable David Murray back on Scotland’s rich list with £150million fortune

[Bluedell 5,627]

Murray didn't bring in loads of cash as some people think and he made millions from building contracts and the catering. The only time I can remember him adding money was underwriting a share issue for 50 million. To be honest I don't even know what that means underwriting a share issue.

 

He put in money to the club twice. £10m at the same time as King invested his £20m and then a later rights issue (in 2004?) when he invested £50m.

 

I'm not sure that it's fair to say that he made millions from the catering etc. There was some money made but not huge amounts.

[boabie 230]

I realise that opinions about SDM vary widely; but IMO referring to him as a b****** is totally out of order.

 

Sorry mate but I've just seen this thread, this is as far as I've reached so far, and in my opinion there is nothing else printable that I would use to describe that maggot.

I'll read the rest of this to see if anyone else has put the facts down about how Murray sooked money out of Rangers for years. If they haven't, I will.

[pete 2,499]

He put in money to the club twice. £10m at the same time as King invested his £20m and then a later rights issue (in 2004?) when he invested £50m.

 

I'm not sure that it's fair to say that he made millions from the catering etc. There was some money made but not huge amounts.

 

Thanks Dell i am not up on financial things so you will certainly be more accurate than me. Did he not just take the 50 million debt and split it up under his other companies. Am I right in saying it reduced our debt from 90 mill to 40 mill at that time?

[Bluedell 5,627]

Thanks Dell i am not up on financial things so you will certainly be more accurate than me. Did he not just take the 50 million debt and split it up under his other companies. Am I right in saying it reduced our debt from 90 mill to 40 mill at that time?

 

Yes, I think from memory the debt could have been transferred to his other companies.

 

However how it was effectively financed isn't that important to me. Whether it was a suitcase full of readies, a cheque from a personal bank account or transferring debt to another company. It's all effectively the same as far as the club are concerned.

[Bluedell 5,627]

In terms of Murray, there is a balance to be had. He wasn't all good or all bad.

 

On the good side he brought in cash from Enic, King and NTL (and some may claim that he screwed all 3 in doing so) and put in £60m himself (although the latter £50m was just to write off a debt that he himself had allowed to build up so he was morally obliged to do so. There was also the JJB deal.

 

It seems that Boabie is going to list his failings so I'll leave that to him

[forlanssister 3,114]

In terms of Murray, there is a balance to be had. He wasn't all good or all bad.

 

On the good side he brought in cash from Enic, King and NTL (and some may claim that he screwed all 3 in doing so) and put in £60m himself (although the latter £50m was just to write off a debt that he himself had allowed to build up so he was morally obliged to do so. There was also the JJB deal.

 

It seems that Boabie is going to list his failings so I'll leave that to him

 

Was that not in fact BoS money and not his 'own money' and has effectively been written off by the bank due to MIH's liquidation?

[RANGERRAB 3,678]

Murray started to gamble recklessly with Rangers when the yahoos started to get their ultra soft loans & overdrafts from the Co-op bank.

 

They were starting to compete with us financially & were beating us to players like Scott Brown in 2006.

[Uilleam 5,948]

Was that not in fact BoS money and not his 'own money' and has effectively been written off by the bank due to MIH's liquidation?

 

There was always a lack of clarity over such matters. The spin was that Murray had personally invested, or paid off debt, but the suspicion was that the money came from Murray Group debt to the BofS. At one point, there was a joint co. called, if I recall correctly, MurrayBS (indeed!), the BS being Bank of Scotland, in fact.

 

There was much talk of the property 'empire' being funded on BofS debt, based on 'friendly' valuations, and even 'friendlier' market prognostications. Murray, it seemed to many at the time, had almost carte blanche to borrow.

The Murray Group was exposed to market vagaries and fluctuations in two principal sectors: metals and property. Both areas which would, and did, feel the cold draught of economic downturn very quickly.

When Lloyds came in, and recognised the extent of exposure all hell broke loose, quite understandably. The Rangers part of the Murray empire became collateral damage. I am not exonerating Lloyds from acting shabbily in this regard, be assured.

Edited May 2, 2017 by Uilleam

[Bluedell 5,627]

Was that not in fact BoS money and not his 'own money' and has effectively been written off by the bank due to MIH's liquidation?

 

It was MIH's money. I couldn't say exactly where it was funded from as there wasn't a specific loan entered into and a group's funding can be moved around a lot. Murray's shareholding was effectively written off as well.

 

Where did King's cash come from? Where did Joe Lewis's? Nobody knows exactly other than it came from their companies and whether someone else took a bath because of it doesn't matter to us.

[boabie 230]

Murray won't be back. Not a chance

 

And if he does come back, I won't be back. I'm sure there are many thousands who share the same view too.