Murray questions Rangers takeover deal
Rangers non-executive director Paul Murray has insisted Craig Whyte's imminent takeover is not the right move for the club.
Murray proposed a £25million plan to rival Whyte's deal, which is valued at around £55m and could be completed this week after months of negotiations, after reviewing the Motherwell-born businessman's plan for the club.
Murray, who has been a non-executive Rangers director for four years, said in the Daily Record: "I had an open mind on the Craig Whyte transaction but when I saw the final structure of the deal in early April, I felt that it was not in the best interests of the club.
"I therefore believed I had no choice but to table an alternative proposal.
"In my opinion Craig Whyte has not adequately demonstrated what his strategy is for managing and funding a negative outcome on this matter.
"My proposal would attack these issues in a very different way. The underwritten share issue would raise £25m and all of the proceeds from this would go into the club.
"We would give everyone the opportunity of participating in this issue and encourage a broad ownership structure.
"Also, the board would renegotiate a new facility agreement with the Lloyds Banking Group to cover the existing debt which I now believe to be at a manageable level.
"Of course debts have to be paid. But Craig Whyte's offer is weighted in favour of the bank rather than the club even though we have a debt level which is more than manageable.
"That is not the right thing for Rangers and the fans need to understand why I'm saying that."
Latest in Sport
A tight game could be in prospect here. Northampton have been keeping things very tight of late and ...
by Gareth Purnell
18 May 2013 02:01 AM
I can’t ever watch games of football or rugby without wistfully wondering what it must be like to be...
by Martin Ayres
16 May 2013 05:10 PM
Since PSG’s exit to Barcelona in the Uefa Champions League quarter-final in April, PSG have been sur...
by Matthew Riding
15 May 2013 02:37 PM
- 1 Stoke City investigate 'religious abuse' after 'pig's head is found in Kenwyne Jones' locker'
- 2 Gove’s lesson: spare the comma, spoil the child
- 3 You thought Ryanair's attendants had it bad? Wait 'til you hear about their pilots
- 4 Join Ryanair! See the world! But we'll only pay you for nine months a year
- 5 It’s official: thanks to Stephen Hawking's Israel boycott, anti-Semitism is no more
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.