Who is duping who with Rangers takeover?

Duped seems to be the word of the day as one of Scotland’s greatest ever entrepreneurs, David Murray, explains why he sold Rangers to Craig Whyte for £1.

A number of newspapers were invited to meet Murray yesterday with the case of the former Rangers owner presented sympathetically this morning.

Despite his extensive contacts and six months of due diligence by both parties Murray appears shocked to discover that not only is Craig Whyte not a billionaire but the turnaround specialist from Motherwell has had a very chequered business career that included a seven year ban from serving as a director.

In June 2010 Murray called off takeover talks with Andrew Ellis after three months of negotiations. Ellis had promised a directorship to Walter Smith and presidential role for Murray as part of his plans but the then Rangers owner suddenly ended talks with the former Northampton director.

Within a year however Murray had been ‘duped’ by Whyte into a sale despite warnings from the Takeover Committee that he had formed to ensure the safekeeping of the club through any sale.

Paul Murray and Alastair Johnston have both gone public in their opposition to Whyte but despite their warnings Murray pushed ahead with the sale.

On the day of the takeover the Takeover Committee, consisting of former chairman John McClelland, John Greig, Martin Bain and Paul Murray, made their fears known.

Their warning on the Rangers website read: “The decision on the sale and purchase of the majority shareholding in the club firmly and ultimately rests between Murray MHL Limited and Lloyds Banking Group.

“Although the IBC has no power to block the transaction, following its enquiries, the IBC and Wavetower have differing views on the future revenue generation and cash requirements of the club and the IBC is concerned about a lack of clarity on how future cash requirements would be met, particularly any liability arising from the outstanding HMRC case.

“In agreeing that no offer should be made to all shareholders, the IBC has insisted that the acquirer issues a document to all shareholders setting out the full terms of the transaction, comprehensive details on the acquirer and the sources of its funding and giving firm commitments to agreed future investment in the club.”

Rather than take on board the concerns of his own Takeover Panel Murray walked away from Rangers with just £1 from the transaction.

Part of the agreement between Murray and Whyte was that neither party would comment in public about the each other.

With Murray slating Whyte it’s only a matter of time before the current Rangers owner reveals his side of the story- leaving Murray open to further criticism as Rangers slide towards liquidation with all of the dirty linen being aired in public.

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