Full details of how Dave Murray passed the administration time bomb to Craig Whyte were revealed yesterday.
Despite reports elsewhere highlighting the Big Tax Case it was everyday running costs that killed Rangers Football Club, a monster built on debt to fuel the demands and expectations of a support brought up to believe that they were Simply The Best- regardless of the cost.
‘We won it on the park’ has been the constant plea from the deluded in defence of trophies won by whatever means.
While Celtic, Aberdeen and other clubs played by the rules Murray piled up the trophies thanks to the generosity of the Bank of Scotland followed by a tax scam.
Eventually these factors came back to bite. The supporters and Walter Smith demanded more and more, with his real business neck deep in debt to Lloyds the bank was no longer willing to fund the Ibrox Vanity Show.
Panic had struck the blueroom of dignity, the marble staircase was now a burden rather than a symbol of superiority.
Murray wanted out of dodge with Mr Whyte, a former billionaire primed to carry the can in exchange for a pound coin and six months of adulation from the eternally gullible.
From yesterday’s fraud trial the Daily Record reported: “Findlay said: “When Mr Whyte took over, it is widely known that Rangers Football Club went into administration.
“But what is not perhaps so widely known, or perhaps some people don’t want to be widely known, is that the possibility of Rangers going into administration was being discussed for a substantial period before the Whyte deal was ever completed.”
McIntyre said: “I think it would have been remiss of us given the potential tax burden of the EBT to have no discussions on that.”
Findlay said: “So the possibility of administration for Rangers Football Club was recognised by the board several months before the Whyte deal was completed, let alone when he took over?”
McIntyre said: “Yes.”
The report added: “Minutes of the meeting revealed HMRC had rejected an approach by Murray International – owned by Sir David Murray – to come to a settlement at a much lower figure.
“They also had details about the discussion of a “pre-pack” administration if the big tax case went against Rangers.
“Findlay asked McIntyre: “Can you explain to the jury what is meant by a pre-pack administration?”
“McIntyre said: “Effectively putting the company into administration and then coming out the other side clear of debt.”
“Findlay asked why every company in trouble don’t do that. McIntyre said: “Professionalism probably would err against that.
“I wouldn’t have been in favour of a pre-pack administration because I think it is an easy way out. I think that debts should be honoured as best as they can.”
Findlay said: “So there was some discussion at least, as far back as December 2010, not only of the recognition of the possibility of administration, but the possibility that administration might be brought about by the then board of the club?”
McIntyre said: “That’s correct.”
Murray’s version of events is eagerly awaited as he explains how he was duped by a former billionaire.
