Murray makes £112 million but not a penny will be put into Rangers

Murray made his fortune through MIM, allowing him to buy Rangers for 6 million in 1988, and his decision to sell the company marks a watershed in his business career. However, he insists that the development will have no bearing on his involvement at Rangers where he is the majority shareholder - and the proceeds will be invested in other parts of his business portfolio.

MIM represents approximately one third of his business interests, and the football club is a relatively small operation by comparison. Its place in Murray's priorities is exaggerated by the disproportionate amount of publicity football receives.

"None of the money at all will go to Rangers," confirmed Murray last night. "The financial plan for the club has already been set, and we aren't making any changes.

"The money from the sale will fund our ambitious plans to grow the business, and we have some big acquisition targets. These will be in the core markets we already operate in - metals and property.

"Rangers is a small part of the company [Murray International Holdings Limited] anyway, it just provides all the highlights in the press."

Murray's recent 51 million underwriting of a rights issue at Rangers brought the club's debt down to a manageable 20 million after it had at one point neared 75 million. Although he had predicted previously that Rangers' debt would be wiped out by this stage, he is happy with the current position and has no immediate plans to make a further investment at Ibrox.

The rights issue fell short of its 57.2 million target, but saw Murray increase his control of Rangers' issued share capital to 91.8 per cent.

He said recently: "I am committed to ensuring the club operate within pre-set financial constraints and capitalise on investments made in developing young talent, such as the facilities at Murray Park.

"My belief is footballing success can be achieved within an appropriate financial framework."

One factor which could force Murray to revisit his financial plans for Rangers is the uncertainty over Alex McLeish's future at Rangers. With McLeish already talking about leaving on his own terms if he isn't removed first, his departure is imminent.

The hiring of a new manager is not likely to break the bank in itself, but whoever takes over from McLeish is sure to want to rebuild the first-team squad with better players than those who have produced such disappointing results this season. There is also the possibility that existing squad members will have to be paid off to make way for replacements.

The sale of Murray International Metals marks the end of a long association with Scottish sport. As well as the obvious Rangers connection, Murray put the company's name to basketball and hockey teams, with the basketball team in particular enjoying success and a high profile in the 1980s.