Paul Murray walks away from Sevco investment

Sevco director Paul Murray appears to have pulled out of his investment in the company after it was announced that loan facilities of £6.5m have been made available to repay a £5m loan to Sports Direct.

According to Dave King at the club AGM in November the £5m was raised within an hour with Mr Murray among the co-investors with the South African based criminal.

At the AGM Mr King said: “At the board meeting which we finished in the early hours of last evening, the board made a decision to reverse our previous position regarding the Sports Direct loan.

“I previously felt that loan was something the club was entitled to and shouldn’t be repaid. But with the ongoing situation with Sports Direct a decision was made last night that we would endeavour to repay the loan as long as we could raise the funds to do so.

“I’m delighted that once again with the commitment the investors are giving to this club, it took me just one hour to make phone calls and myself, Douglas Park, George Letham, George Taylor, Paul Murray and John Bennett (gave a) commitment for the £5million and we will be advising Sports Direct today we will be repaying that loan.”

Early this afternoon a club statement announced: “Rangers International Football Club PLC (RIFC) is pleased to announce new loan facilities totalling £6.5m have been made available to the company over the past month.

“The facilities have been provided by existing lenders New Oasis Asset Limited (Dave King), Douglas Park, George Letham and George Taylor and by three new lenders, RIFC Director John Bennett and two additional Hong Kong based supporters, Barry Scott and Andy Ross.

“RIFC’s board is delighted to welcome the new lenders who, as long-standing supporters of the Club, fit exactly into the profile of investors that RIFC has encouraged during this ongoing rebuilding phase. The new funding has all been provided on the same basis as other recent loans to RIFC.

“The loans to RIFC were primarily utilised to fund repayment of the Sports Direct facility with the balance going towards the Group’s working capital requirements.”

According to the statement it appears that Paul Murray has been replaced as a co-investor by Mr Scott and Mr Ross.

Sports Direct have still to announce full repayment of their loan which would allow for security over Murray Park, the iconic car park and various image rights to return to the football company.

A going concern warning that the company required £2.5m to continue trading until June was given in the 2015 audited accounts. Among the debt that the company was carrying was £4.5m of loans owed to New Oasis and the Three Bears, since the accounts were complied the company has run up a number of expensive legal bills defending Mr King and challenging Charles Green.

Mark Warburton’s January spending spree is already underway with highly rated utility man Harry Forrester snapped up from Doncaster Rovers on a five month deal.