Further details emerged this morning at the Craig Whyte fraud trial of the desperate finances at Rangers prior to the £1 sale to the former billionaire.
David Horne, a lawyer with the Murray Group was in the witness box and under question from Donald Findlay representing Whyte.
Horne claimed that a rights issue in 2004 had raised £50m for the club but in reality existing shareholders refused to touch the issue with the Murray Group and ultimately HBoS picking up the tab for underwriting the issue.
This was portrayed as another magnificent show of devotion from Dave but the reality was that the pressure exerted from a business savvy Celtic was starting to tell.
Stadium maintenance had been stripped to the bone while tax scams had been cranked up to try and maintain a challenge to a club with a blue-chip board that put compliance before gathering trophies.
Three successive SPL titles for Celtic in 2006, 2007 and 2008 turned the heat up on Murray to deliver trophies at the same time as he was hunting for someone else to take over what he claimed was the second most important institution in Scotland.
Horne agrees the 2008 financial crisis was “really biting” on the Murray Group
— James Doleman (@jamesdoleman) May 25, 2017
Horne says that selling Rangers was a “loose objective” since 2004 rights issue. Decision made no more Investment.
— James Doleman (@jamesdoleman) May 25, 2017
Horne “The club was funded and could trade but wasn’t making profits, was spending more than it was earning”
— James Doleman (@jamesdoleman) May 25, 2017
Horne agrees the Murray Group decided not to fund the club further, decision made to find a new owner.
“There wasn’t much interest at all”— James Doleman (@jamesdoleman) May 25, 2017
Horne “PWC did a worldwide marketing process..wont say people were breaking down the doors to get in there.”#WhyteTrial
— James Doleman (@jamesdoleman) May 25, 2017
Horne says fan ownership of Rangers was considered, adds “was completely unrealistic.” #WhyteTrial
— James Doleman (@jamesdoleman) May 25, 2017
Horne £33m bid for Rangers was received from Ellis and others in early 2010.
Offered £8m Investment in playing squad— James Doleman (@jamesdoleman) May 25, 2017
Findlay “What happened to this bid?”
Horne says he can’t remember the exact detail of why it did not go ahead?— James Doleman (@jamesdoleman) May 25, 2017