Murray is back in hot seat at Rangers

Published on Wednesday 1 September 2004 13:16

RANGERS today confirmed owner David Murray has returned as executive chairman.

Murray relinquished the post two years ago and adopted the role of honorary chairman, while John McClelland took over the day-to-day running of the club.

McClelland will remain on the Rangers board as vice-chairman.

The board also announced their intention to raise up to 57 million by way of a rights issue which will be underwritten by Murray International Holdings Limited - the principal shareholder of which is David Murray - up to a level of 50m.

However, manager Alex McLeish, who has already seen his side knocked out of the Champion’s League and fall five points behind champions Celtic in the SPL title race with only four games played, won’t see any of the money raised by the rights issue.

While claiming today’s announcement heralds "the beginning of a new chapter in Rangers history", Murray stressed the Ibrox club will no longer be net spenders in the transfer market and that the rights issue was not intended to generate surplus cash at this stage for investment in the playing squad.

Murray said: "I understand this has been a difficult and frustrating period for everyone who supports Rangers.

"We have, at times, been accused of over-ambition and we were unfortunate that the majority of the long-term debt was accrued by the investment in the playing squad when transfer values and player wages were grossly over-inflated by the promise of media revenues which failed to materialise."