In Retrospect

The Herald, May 2000
KEN GALLACHER
Murray’s Blueprint

Just as promised, Rangers are moving on to another level from the rest of Scottish football, as chairman David Murray announced a new investment of £53m for the Ibrox club, with a further massive cash boost soon to follow.

The eventual cash injection could soar as high as £80m as Murray guides the club into what he believes will be a new, golden era for the Scottish champions. The money involved, the biggest financial boost for any Scottish football club, will enable them to move into Europe’s elite over the next few years.

Yesterday, however, Murray maintained, as always, that he will not turn his back on Scottish football to play in any other league, and that while he remains in charge of the club, he will retain a responsibility to the domestic game.

It is clear from this latest move, however, that the Glasgow giants are setting an agenda that no other Scottish club can match – and that appears to include their Old Firm rivals, Celtic, who are trailing by 15 points in the Premier League championship and are now looking at a financial gap which the Parkhead club might not be able to bridge.

There have been hints around Glasgow that Celtic could be ready to attempt a share flotation of their own, but it would seem unlikely they would be able to match the financial clout that Murray has put together.

The Ibrox chairman promised his shareholders good news and a more prudent financial strategy at the last annual meeting of the club. He has now delivered this by taking on board several very heavy financial hitters, South African-based David King is worth around £300m – £20m of which he is investing in the club he followed as a young man in Glasgow.

The Ibrox chairman has spent several months and many sleepless nights piecing together the plans which will eliminate Rangers’ debt, currently sitting at around £40m, provide finance for the new training centre and the soccer academy which will be housed there, and still allow cash to invest in new players.

He said: ‘I want to make it clear from the outset that while our small shareholders, our supporters who have an interest in the club, will have the opportunity to invest again if they want, there is no pressure on them to do so. The bulk of the rights issue is being taken up by myself and David King and some other smaller investors, including Alastair Johnston, who is a long-time Rangers’ supporter.’

Elsewhere from the year 2000 Ch.383 Sky 50 Serious Trance Anthems.

What joy.