Fall of the house of David Murray

[Virtuoso 27,180]

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Fall of the house of David Murray: Documents show ex-Ibrox chief's business is now officially dead

MURRAY International Holdings Limited, the firm that owned Rangers, was crippled by debt and ended up owing the bank 200 million.

A MULTI-MILLION pound business empire built up by former Rangers owner Sir David Murray is now officially dead.

At a meeting in the offices of an accountancy firm in Glasgow, Murray International Holdings Limited '" the firm that owned the football club '" were buried.

Documents published by Companies House outline how joint liquidators John Reid and William Dawson, of Deloittes, put the final nail into the coffin of Murray's group, which was crippled by debts and ended up owing 200 million to the bank.

The liquidators described their final meeting with creditors '" mainly the Lloyds Banking Group '" as 'purely a formality'.


In writing: Companies House document confirms the winding up of the Scots millionaire's business

A statement released on behalf of Murray, 64, said the bank were the only creditors and that he lost equity in the company through his shareholding.

It said: 'The annual liquidation meeting of the company was held in mid-March.

'At that meeting, the motion was passed that as all matters had been finalised, the company would move to dissolution which, effectively, is it ceasing to exist. This happens automatically three months after such a meeting.

'We can confirm there were no ordinary creditors other than the bank, who were also substantial shareholders with Sir David Murray. Both lost their equity.'

After being asked about new firm Murray Capital, the statement outlined the firm 'is a completely stand-alone entity and for the avoidance of any doubt, all transactions were done on a completely professional independently valued arm's length basis'.

The formal liquidation of MIH means Murray can leave the bank debt burden behind and focus on his new venture, which returned pre-tax profits of 13.6million after buying assets from the old company.

Along with his two sons '" David D Murray, 42, and Keith Murray, 39 '" and a fourth director, Craig McDermid, he set up Murray Capital Group.

Accounts for the defunct MIH show the Murray family bought the majority of a property company, Murray Estates, for 13.9million in 2014. That business is now owned by Murray Capital Group while another firm, Murray Metals, was also acquired from MIH before it closed down.

Those assets, along with the sale of a stake in a bus and coach builder, have allowed the Murray family's new firm to become a major success.

The final MIH liquidation document said the sale of those assets to Murray's new firm, and other asset sales, were 'utilised to part-repay the bank loan facility'.

But the 13.9million paid for Murray Estates only took off a small chunk off the bank loan and overdraft which, in the last set of accounts for MIH in 2013, was 350million.

In 2009, MIH were at their peak and Murray was one of Scotland's richest men with an estimated personal wealth of 500million.

The success of his metals, mining and property businesses '" along with the support of the bank '" secured huge profits and allowed him to fund lavish spending at Rangers.

But the financial crisis in 2009 led to a crippling downturn in business, leaving MIH deep in debt to Lloyds.

That crisis forced Murray to strip down, restructure and sell off parts of his empire to try to bring down the debt. He then came under pressure to let Rangers loose from under the wing of MIH.

Pre-recession, the company employed about 3000 people and said last year that they had 'secured continued employment' for more than 95 per cent of workers.

One of the final blows for MIH was the company's departure from their prestigious base in Edinburgh's Charlotte Square.

MIH's reputation has also been damaged by the ongoing saga over Employee Benefit Trust (EBT) payments, which saw Rangers employees given tax-free loans. They helped the club recruit a string of high-calibre players.

Murray benefited to the tune of 6.3million from EBTs which are at the centre of a long-running legal dispute between Rangers' oldco liquidators and the taxman.

The Supreme Court are expected to issue a final ruling on the case this year.

Murray was among a group of 63 players and 24 members of staff who received payouts from EBTs.

Names on the list including former managers Graeme Souness and Alex McLeish and players Barry Ferguson and Nacho Novo. Many Rangers fans are still angry over Murray's sale of the club to Craig Whyte in 2011. Less than a year later, Rangers were in administration and then into liquidation.

At that time, Murray said he was 'bitterly disappointed at the outcome of the administration and saddened at the ongoing uncertainty'.

But Deluded Fanspiv, of fans group the Sons of Struth, said some supporters will never forgive Murray for the events which unfolded after he sold the club.

He said: 'There are different schools of thought on David Murray: People who remember nine-in-a-row and can't see past that or those who will never forgive him for selling to Whyte and blame him solely for that sale.'

Writing in the most recent accounts for MIH dated June 30, 2013, Murray said: 'Looking back, we continue to profoundly regret selling our majority shareholding in Rangers to Craig Whyte.'

http://tinyurl.com/jzgs8fl

This:
 

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The formal liquidation of MIH means Murray can leave the bank debt burden behind and focus on his new venture, which returned pre-tax profits of 13.6million after buying assets from the old company.

...yet we are to believe he was duped by Whyte into selling us for a pound  

[BridgeIsBlue 66,601]

 

[Briton 394]

You see a lot about Whyte and Green on here but this character is responsible for what happened to Rangers.  it's a travesty that our training centre is still named after him.

[Virtuoso 27,180]

6 minutes ago, Briton said:

You see a lot about Whyte and Green on here but this character is responsible for what happened to Rangers.  it's a travesty that our training centre is still named after him.

Auchenhowie?

[Briton 394]

Just now, Virtuoso said:

Auchenhowie?

Have they dropped the Murray Park?

[TEFTONG 60,072]

4 minutes ago, Briton said:

Have they dropped the Murray Park?

I NEVER called it that..It has always been Auchenhowie to me tbh..

[bluedylan 11,555]

16 minutes ago, Briton said:

You see a lot about Whyte and Green on here but this character is responsible for what happened to Rangers.  it's a travesty that our training centre is still named after him.

well said sir

[Briton 394]

2 minutes ago, TEFTONG said:

I NEVER called it that..It has always been Auchenhowie to me tbh..

Ah right...fair enough.

[Ryju84 3,170]

Taigs read this = Rangers are dead again. By their dumb logic and wishful thinking that contradicts the lawyers and professional bodies of us dying in 2012.

 

Oh well. Back to the bottom we go guys. See u at the Sevco FC 2012-2016 reunion party .... . ......

 

 

[Blumhoilann 6,712]

AGAIN,Rangers were sold out of Administration,never liquidated,ffs.aaarrrrgggghhhh

 

[piperpete 3,186]

Bet he wont be living on pot noodles  or worrying where his next meal is coming from.

[Blue Avenger 22,567]

The "Fall of..." . More like the "rise of..", he won a watch. All debts wiped away and the assets and profits with the new company.

[tannerall 25,935]

Can't understand why Lloyd's are never questioned and scrutinised more over this affair, especially as they worked hand in hand with Mr Murray,and effectively made a very unwise and unprofessional contribution to the final mess.

[ianferguson 2,619]

41 minutes ago, Briton said:

You see a lot about Whyte and Green on here but this character is responsible for what happened to Rangers.  it's a travesty that our training centre is still named after him.

Murray wide open for criticism but very harsh to compare him to people who got involve with Rangers purely to rape the club.

[piperpete 3,186]

4 minutes ago, ianferguson said:

Murray wide open for criticisminbut very harsh to compare him to tour club ?people who got involve with Rangers purely to rape the club.

Your at the wind up , do you think Murray actually put a penny INto our club ?

[ianferguson 2,619]

9 minutes ago, piperpete said:

Your at the wind up , do you think Murray actually put a penny INto our club ?

You've missed the point.

[piperpete 3,186]

5 minutes ago, ianferguson said:

You've missed the point.

I havnt, they all went INto our club to take money out , one with a longterm plan others with A  quick buck Plan. 

[ianferguson 2,619]

3 minutes ago, piperpete said:

I havnt, they all went INto our club to take money out , one with a longterm plan others with A  quick buck Plan. 

The best part of 25 years in charge with trophys galore and yet left with his business in ruins, so you'll be pleased about that then.

[Jimfanciesthedude 24,500]

8 minutes ago, ianferguson said:

The best part of 25 years in charge with trophys galore and yet left with his business in ruins, so you'll be pleased about that then.

Fucking delighted 

The ultimate spiv finally got his comeuppance

Fuck him and his new business, if he didn't employ regular joe blogs with mortgages to pay id pray for this business to go tits up as well

[harlands plater 16,958]

As far as I know he still owns Torrance Park Golf Club and his company are building houses there.

[The Ibrox Derry 8,887]

56 minutes ago, ianferguson said:

Murray wide open for criticism but very harsh to compare him to people who got involve with Rangers purely to rape the club.

Murray pulled our trousers down for us to be raped

[Fred H Crawford 1,182]

23 minutes ago, ianferguson said:

The best part of 25 years in charge with trophys galore and yet left with his business in ruins, so you'll be pleased about that then.

I would suggest that murray got more out of his involvement with Rangers than he actually put in ( the Club deck beam for example )

His businesses failed due to his own greed and dodgy business practices and an over reliance on an unhealthy relationship with the failures who were running the banking system in the country at that time . Walking away from £200 m debt ,still holding on to a profitable slice of the pie , Aye my heart bleeds for him . Perhaps we should organize a bucket collection before the next game .

[piperpete 3,186]

34 minutes ago, ianferguson said:

The best part of 25 years in charge with trophys galore and yet left with his business in ruins, so you'll be pleased about that then.

He came to Rangers to make himself money he stripped all parts of our club to the bones and then gave us away to a clown that duped him, do you honestly believe Murray didnt know Whyte never had a pot to piss IN ? 

I really couldnt care IF Murrays companies are bust or thriving as we are well rid of him.

[OceanRain 2,845]

Quote

 

Whyte has pledged an immediate £5million injection to manager-in-waiting Ally McCoist's summer rebuilding plans plus money to improve the state of Ibrox Stadium.

The incoming majority shareholder has also promised a further £20million of spending over four years and guaranteed to settle the club's debt with Lloyds Banking Group.

Murray International Holdings tonight revealed they had approved the sale of their 85% shareholding after securing a deal they believe to be in the best interests of the club.

And, in a statement, Sir David Murray said: "From a personal perspective, today is the end of an era.

"I have had the privilege of being the majority shareholder of our great football club for over 22 years.

"During this time, we have seen many highs and lows together, and I trust that the successes will continue for many years to come.

"I have worked with numerous talented directors, players and staff members, whose support and endeavour have assisted in our collective success.

"Finally, I must thank our loyal fans, without whom the club would be unable to survive. They are, and will remain, the backbone of our history, and of our future."

 - Telegraph (06/05/2011)

 

He was right about the last part. Cunt.

[OceanRain 2,845]

1 hour ago, ianferguson said:

Murray wide open for criticism but very harsh to compare him to people who got involve with Rangers purely to rape the club.

Utter, utter shite.