David Murray (Scottish businessman)
Encyclopedia
Sir David Edward Murray (born 14 October 1951) is a Scottish
entrepreneur, businessman and former owner and chairman of Rangers Football Club
.
Born in Ayr, Scotland, Murray had formed the company Murray International Metals Limited by the age of 23. The company grew to include steel production, mining and property development. In 2008 his estimated wealth was valued at £720 million. Due to the economic recession his personal fortune was estimated to have dropped by 78% in 2009.
Murray is perhaps best known for his ownership of Scottish football club Rangers F.C. whom he purchased for £6 million in 1988. While owner, the club won 15 League Championships and 26 Cups. Murray stepped down as chairman in 2009, and was replaced by Alastair Johnston
. Murray officially sold his controlling interest of shares in Rangers in May 2011 to businessman Craig Whyte
.
Murray was made a knight of the British Empire in 2007.
on the 14 October 1951, Murray was educated at Ayr Academy
, Fettes College
and Broughton High School. By the age of 23 Murray had formed Murray International Metals Limited, which was to become a leading distributor of structural steel.
’s most successful privately-owned enterprises. Added to the core business of steel were interests in surface mining
(GM Mining), commercial property development (Premier Property Group), venture capital (Charlotte Ventures) and call centres (RHL, trading as 'RESPONSE' from February 2007 onwards, formerly Response Handling Limited). In 2006, the Murray group collectively reported turnover of £550 million, representing a fivefold increase on the figure five years previously, largely as a result of growing involvement in property development. Corporate success was also reflected in Murray's personal wealth, estimated in the Sunday Times Rich List 2008
at £720 million, making him the 113th wealthiest person in Britain. In 2007, Murray was said to be the seventh richest Scot.
Murray's personal wealth has suffered in the recession of 2008–2009. The Sunday Times Richlist 2010 valued his fortune at £110 million, 78% down on the £500 million fortune he was estimated to have in the 2009 edition of the richlist.
Alongside his high-profile business activities, other Murray interests have helped cement his prominence in Scottish life. In 1991, Murray established the Sunday Scot, a tabloid newspaper which ceased publication after only 14 weeks.
, Murray endorsed the 'no' campaign, reflecting a long-held support for Unionism and opposition to the devolution of power
from Westminster.
In the lead-up to elections to the Scottish Parliament in 2007, Murray reiterated his Unionist sentiments as one of 150 business signatories to a newspaper advertisement proclaiming that "the break up of Britain would damage Scotland".
In February 2011, Murray publicly backed SNP leader Alex Salmond
for a second term in office as First Minister of Scotland
. He said he believed the SNP leader was "the best man for the job" ahead of May's poll and "the best choice for Scotland during these difficult times".
has overshadowed his business and personal lives and explains much of his prominence within Scottish society. In the 1980s Murray made a bid for Ayr United which was rejected by shareholders of the club. This setback saw Murray focus attention on acquiring Rangers
, a club which, following the appointment of Graeme Souness
as manager in 1986, had regained its ascendancy in Scottish football.
Attracted by the idea of owning what at the time was one of Scotland's highest-profile football clubs, on 23 November 1988 Murray secured the purchase of Rangers from the club's then owner, the Nevada
-based Lawrence Marlborough, for a sum of £6,000,000.
. His investment saw further development to Ibrox Stadium
, which had already undergone extensive remodelling in the aftermath of the Ibrox disaster
of 2 January 1971, which claimed the lives of 66 fans following an Old Firm
derby with Celtic
.
Murray oversaw the construction of a third tier on the existing Main Stand, raising the ground's capacity by 7,300. Accompanying this were changes on the pitch. In 1989 Rangers secured their first trophy under Murray's chairmanship and the first of what was to become nine successive League Championships between the period 1989-1997. This period was to be significant for more reasons than footballing success.
In 1989 Murray and the then manager Graeme Souness
signed Mo Johnston
, the first high-profile Catholic
to play for the club since the Second World War
, from French
club Nantes
for £1.5 million. Since Johnston had previously played for Celtic and had recently committed to re-join them, the transfer to Rangers instead was highly controversial. Other high profile players were to follow in later years, including Paul Gascoigne
, Brian Laudrup
, Ronald de Boer
and Tore André Flo
.
in April 1991, Murray appointed his former assistant Walter Smith
as manager. Under Smith, and his eventual replacement in 1998 by Dick Advocaat
, Rangers embarked upon a sustained period of success that saw the club win eleven league championships over fourteen years. This domestic domination was not accompanied by success in European competition. Aside from the 1992-93 UEFA Champions League
campaign, in which Rangers twice came within one victory of reaching the final, the club's record in Europe from 1989 was one of under-performance upon the expectation.
However, in 2005-06
Rangers secured qualification from the group stage of the Champions League, becoming the first Scottish side to reach the last-sixteen knockout stage of the competition. In 2007-08, Rangers reached the final of the UEFA Cup
but lost 2-0 to FC Zenit at the City of Manchester Stadium
. Rangers went on, however, to win a Cup Double, of the Scottish League Cup
, and the Scottish Cup
.
In 2001-02
, Murray abandoned his previous insistence that Rangers would never leave Scottish football, arguing in support of a move by the Old Firm to the better-resourced English leagues, and ultimately the Premier League
. This, Murray and others argued, would provide substantially increased income from growing television revenues, and with it the potential for the club to operate in a more competitive environment which could help boost performance in European competitions.
saw the club's debts increase. As anticipated television revenues failed to materialise and the club's income failed to offset the growing cost of transfer fees and player salaries. Murray said; "For every five pounds Celtic spend, we will spend ten," in 2000. By the following year, with the appointment of Alex McLeish
as manager, Murray acknowledged that mistakes were made, saying "we got it wrong. We obviously spent far too much money. We can’t let it happen again because that would be total mismanagement." A radical programme of cost-cutting was instituted in an attempt to re-establish the club on a stable financial footing.
In 1996, ENIC Group
invested £40 million in Rangers. However, disagreements with Murray over transfer spending led to ENIC's Howard Stanton resigning from the club's board of directors in May 1999. ENIC announced plans to sell their 20.2% stake in Rangers in February 2001, but after failing to find a buyer they sold to Murray for £8.9 million in August 2004.
In February 1999, with Rangers' debts mounting, the Bank of Scotland
took a 7% stake in the club and secured a charge over the club's income and assets should it default on its repayments. In October 2009 Walter Smith
admitted that the bank had taken control from Murray and that all the club's players had been available for transfer since the previous January. In April 2010 the bank increased its stake in Murray International Holdings to 24%, arranging a debt-for-equity swap after the firm suffered further huge losses.
On 5 July 2002, Murray had relinquished the chairmanship and limited his day-to-day involvement in the club's running. His status as by far the club's biggest share-holder remained. On 1 September 2004, Murray announced his return to the chairmanship, and with it a rights-issue to raise the funds with which to reduce the club's debt. In doing so, Murray also saw his shareholding in the club increase to around 90% of the total stock.
By his own admission Murray has stated that he put £100 million of his own money into Rangers while owner.
.
On 6 May 2011 it was confirmed that Murray had sold his controlling interest in the club (85.3 percent) to Wavetower limited for £1. Wavetower Limited is owned by the company Liberty Capital which in turn is ultimately owned by businessman Craig Whyte
.
match. Murray became a longstanding supporter of amputees
, reflected in his establishment of the Murray Foundation in 1996. Further personal tragedy followed with the death of Murray's wife Louise in 1992 from cancer
.
On 3 May 2000, Murray's Learjet crashed while being leased by Formula One
driver and friend David Coulthard
. The Learjet developed engine trouble while on route to Côte d'Azur International Airport
in Nice, and crashed while attempting an emergency landing at Lyon-Satolas airport
, France. Coulthard, his then girlfriend the Canadian
model Heidi Wichlinski and personal trainer/bodyguard Andy Matthews survived, however unfortunately Murray's personal pilot David Saunders and co-pilot Dan Worley were killed in the crash.
In May 2011 Murray announced that he was going to marry former lawyer Kae Tinto.
.
Murray was knighted in the 2007 New Years Honours List
, for services to business in Scotland. After being named on the honours list, Murray received his knighthood from Queen Elizabeth
on 4 July 2007 at a ceremony at Holyrood Palace
.
Scotland
Scotland is a country that is part of the United Kingdom. Occupying the northern third of the island of Great Britain, it shares a border with England to the south and is bounded by the North Sea to the east, the Atlantic Ocean to the north and west, and the North Channel and Irish Sea to the...
entrepreneur, businessman and former owner and chairman of Rangers Football Club
Rangers F.C.
Rangers Football Club are an association football club based in Glasgow, Scotland, who play in the Scottish Premier League. The club are nicknamed the Gers, Teddy Bears and the Light Blues, and the fans are known to each other as bluenoses...
.
Born in Ayr, Scotland, Murray had formed the company Murray International Metals Limited by the age of 23. The company grew to include steel production, mining and property development. In 2008 his estimated wealth was valued at £720 million. Due to the economic recession his personal fortune was estimated to have dropped by 78% in 2009.
Murray is perhaps best known for his ownership of Scottish football club Rangers F.C. whom he purchased for £6 million in 1988. While owner, the club won 15 League Championships and 26 Cups. Murray stepped down as chairman in 2009, and was replaced by Alastair Johnston
Alastair Johnston
Alastair Johnston was the chairman of Rangers Football Club. He is a native Glaswegian who divides his time between Glasgow and the USA where he has business interests. He succeeded David Murray as Rangers chairman on 26 August 2009.-Business career:...
. Murray officially sold his controlling interest of shares in Rangers in May 2011 to businessman Craig Whyte
Craig Whyte
Craig Whyte is a Scottish businessman and the owner of Rangers Football Club.Whyte first entered business in a plant hire company; since then he has branched out into security, manufacturing and property, before becoming a venture capitalist...
.
Murray was made a knight of the British Empire in 2007.
Early life
Born in AyrAyr
Ayr is a town and port situated on the Firth of Clyde in south-west Scotland. With a population of around 46,000, Ayr is the largest settlement in Ayrshire, of which it is the county town, and has held royal burgh status since 1205...
on the 14 October 1951, Murray was educated at Ayr Academy
Ayr Academy
Ayr Academy is a non-denominational secondary school situated in the centre of the town of Ayr in South Ayrshire. It is a comprehensive school for children from the ages of 11 to 18 from Ayr. Ayr Academy's catchment area covers Newton-on-Ayr, Whitletts and the outlying villages of Coylton, Annbank,...
, Fettes College
Fettes College
Fettes College is an independent school for boarding and day pupils in Edinburgh, Scotland with over two thirds of its pupils in residence on campus...
and Broughton High School. By the age of 23 Murray had formed Murray International Metals Limited, which was to become a leading distributor of structural steel.
Business career
Subsequently, the Murray Group of companies grew to become one of the United KingdomUnited Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
’s most successful privately-owned enterprises. Added to the core business of steel were interests in surface mining
Surface mining
Surface mining , is a type of mining in which soil and rock overlying the mineral deposit are removed...
(GM Mining), commercial property development (Premier Property Group), venture capital (Charlotte Ventures) and call centres (RHL, trading as 'RESPONSE' from February 2007 onwards, formerly Response Handling Limited). In 2006, the Murray group collectively reported turnover of £550 million, representing a fivefold increase on the figure five years previously, largely as a result of growing involvement in property development. Corporate success was also reflected in Murray's personal wealth, estimated in the Sunday Times Rich List 2008
Sunday Times Rich List 2008
The Sunday Times Rich List 2008 was published on 27 April 2008.Since 1989 the UK national Sunday newspaper The Sunday Times has published an annual magazine supplement to the newspaper called the Sunday Times Rich List...
at £720 million, making him the 113th wealthiest person in Britain. In 2007, Murray was said to be the seventh richest Scot.
Murray's personal wealth has suffered in the recession of 2008–2009. The Sunday Times Richlist 2010 valued his fortune at £110 million, 78% down on the £500 million fortune he was estimated to have in the 2009 edition of the richlist.
Alongside his high-profile business activities, other Murray interests have helped cement his prominence in Scottish life. In 1991, Murray established the Sunday Scot, a tabloid newspaper which ceased publication after only 14 weeks.
Politics
Murray has also provided occasional contributions to Scottish politics. In the lead-up to the 1997 referendum on the establishment of a Scottish ParliamentScottish Parliament
The Scottish Parliament is the devolved national, unicameral legislature of Scotland, located in the Holyrood area of the capital, Edinburgh. The Parliament, informally referred to as "Holyrood", is a democratically elected body comprising 129 members known as Members of the Scottish Parliament...
, Murray endorsed the 'no' campaign, reflecting a long-held support for Unionism and opposition to the devolution of power
Devolution
Devolution is the statutory granting of powers from the central government of a sovereign state to government at a subnational level, such as a regional, local, or state level. Devolution can be mainly financial, e.g. giving areas a budget which was formerly administered by central government...
from Westminster.
In the lead-up to elections to the Scottish Parliament in 2007, Murray reiterated his Unionist sentiments as one of 150 business signatories to a newspaper advertisement proclaiming that "the break up of Britain would damage Scotland".
In February 2011, Murray publicly backed SNP leader Alex Salmond
Alex Salmond
Alexander Elliot Anderson "Alex" Salmond MSP is a Scottish politician and current First Minister of Scotland. He became Scotland's fourth First Minister in May 2007. He is the Leader of the Scottish National Party , having served as Member of the Scottish Parliament for Gordon...
for a second term in office as First Minister of Scotland
First Minister of Scotland
The First Minister of Scotland is the political leader of Scotland and head of the Scottish Government. The First Minister chairs the Scottish Cabinet and is primarily responsible for the formulation, development and presentation of Scottish Government policy...
. He said he believed the SNP leader was "the best man for the job" ahead of May's poll and "the best choice for Scotland during these difficult times".
Acquiring Rangers
Murray's involvement in footballFootball (soccer)
Association football, more commonly known as football or soccer, is a sport played between two teams of eleven players with a spherical ball...
has overshadowed his business and personal lives and explains much of his prominence within Scottish society. In the 1980s Murray made a bid for Ayr United which was rejected by shareholders of the club. This setback saw Murray focus attention on acquiring Rangers
Rangers F.C.
Rangers Football Club are an association football club based in Glasgow, Scotland, who play in the Scottish Premier League. The club are nicknamed the Gers, Teddy Bears and the Light Blues, and the fans are known to each other as bluenoses...
, a club which, following the appointment of Graeme Souness
Graeme Souness
Graeme James Souness is a Scottish former professional football player and manager.Souness was the captain of the successful Liverpool team of the early 1980s and player-manager of Rangers in the late 1980s as well as captain of the Scottish national team. He also played for Tottenham Hotspur,...
as manager in 1986, had regained its ascendancy in Scottish football.
Attracted by the idea of owning what at the time was one of Scotland's highest-profile football clubs, on 23 November 1988 Murray secured the purchase of Rangers from the club's then owner, the Nevada
Nevada
Nevada is a state in the western, mountain west, and southwestern regions of the United States. With an area of and a population of about 2.7 million, it is the 7th-largest and 35th-most populous state. Over two-thirds of Nevada's people live in the Las Vegas metropolitan area, which contains its...
-based Lawrence Marlborough, for a sum of £6,000,000.
Chairmanship
Throughout what was later to transpire as his first period of chairmanship, Murray continued and extended the ambitious strategy he had inherited from David HolmesDavid Holmes (businessman)
David Holmes is a Scottish businessman. He is best known as a former chairman and chief executive of Rangers football club.Holmes was appointed a director of Rangers in November 1985 by the club's then majority shareholder, the Nevada-based businessman Lawrence Marlborough, head of the Lawrence...
. His investment saw further development to Ibrox Stadium
Ibrox Stadium
Ibrox Stadium is a football stadium located on the south side of the River Clyde, on Edmiston Drive in the Ibrox district of Glasgow. It is the home ground of Scottish Premier League club Rangers and has an all-seated capacity of 51,082...
, which had already undergone extensive remodelling in the aftermath of the Ibrox disaster
Ibrox disaster
The Ibrox disaster refers to two accidents, in 1902 and 1971, which led to major loss of life at the Ibrox Stadium in Glasgow, Scotland.-First Ibrox disaster:...
of 2 January 1971, which claimed the lives of 66 fans following an Old Firm
Old Firm
The Old Firm is a common collective name for the association football clubs Celtic and Rangers, both based in Glasgow, Scotland.The origin of the term is unclear. One theory has it that the expression derives from Celtic's first game in 1888, which was played against Rangers. However, author,...
derby with Celtic
Celtic F.C.
Celtic Football Club is a Scottish football club based in the Parkhead area of Glasgow, which currently plays in the Scottish Premier League. The club was established in 1887, and played its first game in 1888. Celtic have won the Scottish League Championship on 42 occasions, most recently in the...
.
Murray oversaw the construction of a third tier on the existing Main Stand, raising the ground's capacity by 7,300. Accompanying this were changes on the pitch. In 1989 Rangers secured their first trophy under Murray's chairmanship and the first of what was to become nine successive League Championships between the period 1989-1997. This period was to be significant for more reasons than footballing success.
In 1989 Murray and the then manager Graeme Souness
Graeme Souness
Graeme James Souness is a Scottish former professional football player and manager.Souness was the captain of the successful Liverpool team of the early 1980s and player-manager of Rangers in the late 1980s as well as captain of the Scottish national team. He also played for Tottenham Hotspur,...
signed Mo Johnston
Mo Johnston
Maurice John Giblin "Mo" Johnston is a former football striker.Johnston began his football career with Partick Thistle in 1981 before moving to Watford in 1983. With Watford Johnston scored 23 league goals, made his international debut, and helped the team reach the 1984 FA Cup Final...
, the first high-profile Catholic
Roman Catholic Church
The Catholic Church, also known as the Roman Catholic Church, is the world's largest Christian church, with over a billion members. Led by the Pope, it defines its mission as spreading the gospel of Jesus Christ, administering the sacraments and exercising charity...
to play for the club since the Second World War
World War II
World War II, or the Second World War , was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis...
, from French
Ligue 1
Ligue 1 , is the French professional league for association football clubs. It is the country's primary football competition and serves as the top division of the French football league system. Ligue 1 is one of two divisions making up the Ligue de Football Professionnel, the other being Ligue 2....
club Nantes
FC Nantes Atlantique
Football Club de Nantes is a French association football club based in Nantes, Pays de la Loire. The club was founded on 21 April 1943, during World War II, as a result of local clubs based in the city coming together to form one big club. From 1992–2007, the club was referred to as FC Nantes...
for £1.5 million. Since Johnston had previously played for Celtic and had recently committed to re-join them, the transfer to Rangers instead was highly controversial. Other high profile players were to follow in later years, including Paul Gascoigne
Paul Gascoigne
Paul John Gascoigne , commonly referred to as Gazza, is a retired English professional footballer.Playing in the position of midfield, Gascoigne's career included spells at Newcastle United, Tottenham Hotspur, Lazio, Rangers, Middlesbrough, Everton and Gansu Tianma, where he scored at least a goal...
, Brian Laudrup
Brian Laudrup
Brian Laudrup is a Danish former football player and current football commentator, pundit and analyst on TV3+. Along with former international goalkeeper Lars Høgh, Laudrup manages a football academy for marginalized youth...
, Ronald de Boer
Ronald de Boer
Ronaldus "Ronald" de Boer is a former Dutch football midfielder who has played for the Dutch national team as well as a host of professional clubs in Europe. He is the older twin brother of Frank de Boer.-Club career:...
and Tore André Flo
Tore André Flo
Tore André Flo is a Norwegian football striker, who plays for the Norwegian club Sogndal. He initially retired after being released by the Milton Keynes Dons in 2009, but announced his comeback in March 2011. His brothers Jostein Flo and Jarle Flo, and cousin Håvard Flo are also professional...
.
Period of success
Following Graeme Souness’ departure to LiverpoolLiverpool F.C.
Liverpool Football Club is an English Premier League football club based in Liverpool, Merseyside. Liverpool has won eighteen League titles, second most in English football, seven FA Cups and a record seven League Cups...
in April 1991, Murray appointed his former assistant Walter Smith
Walter Smith
Walter Smith, OBE is a Scottish football manager. His most recent job was at Scottish Premier League club Rangers.Smith had a relatively modest playing career, consisting of two spells with Dundee United which was split by a short time at Dumbarton.A pelvic injury meant he moved in to coaching at...
as manager. Under Smith, and his eventual replacement in 1998 by Dick Advocaat
Dick Advocaat
Dirk Nicolaas "Dick" Advocaat is a Dutch football manager and former player currently the manager of the Russia national football team.He has been moderately successful as a football player and as a coach, which included two stints with the Dutch national football team...
, Rangers embarked upon a sustained period of success that saw the club win eleven league championships over fourteen years. This domestic domination was not accompanied by success in European competition. Aside from the 1992-93 UEFA Champions League
UEFA Champions League 1992-93
The 1992–93 UEFA Champions League was the 38th European Cup, the premier European club football tournament, and the first season under the current UEFA Champions League format ....
campaign, in which Rangers twice came within one victory of reaching the final, the club's record in Europe from 1989 was one of under-performance upon the expectation.
However, in 2005-06
UEFA Champions League 2005-06
The 2005–06 UEFA Champions League was the 51st staging of UEFA's premier European club football tournament, the UEFA Champions League, and the 14th since it was rebranded from the European Cup in 1992. 74 teams from 50 football associations took part, starting with the first qualifying round played...
Rangers secured qualification from the group stage of the Champions League, becoming the first Scottish side to reach the last-sixteen knockout stage of the competition. In 2007-08, Rangers reached the final of the UEFA Cup
UEFA Cup
The UEFA Europa League is an annual association football cup competition organised by UEFA since 1971 for eligible European football clubs. It is the second most prestigious European club football contest after the UEFA Champions League...
but lost 2-0 to FC Zenit at the City of Manchester Stadium
City of Manchester Stadium
The City of Manchester Stadium in Manchester, England – also known as the Etihad Stadium for sponsorship purposes– is the home ground of...
. Rangers went on, however, to win a Cup Double, of the Scottish League Cup
Scottish League Cup
The Scottish League Cup is a football competition open to all Scottish Football League and Scottish Premier League clubs. At present it is also known as the Scottish Communities League Cup owing to the sponsorship deal in place with the Scottish Government. In the past it has been sponsored by...
, and the Scottish Cup
Scottish Cup
The Scottish Football Association Challenge Cup,, commonly known as the Scottish Cup or the William Hill Scottish Cup for sponsorship purposes, is the main national cup competition in Scottish football. It is a knockout cup competition run by and named after the Scottish Football Association.The...
.
In 2001-02
2001-02 in Scottish football
The 2001–02 season was the 105th season of competitive football in Scotland.-Key events:Celtic, domestic treble winners a year earlier, retain their Premier League title....
, Murray abandoned his previous insistence that Rangers would never leave Scottish football, arguing in support of a move by the Old Firm to the better-resourced English leagues, and ultimately the Premier League
FA Premier League
The Premier League is an English professional league for association football clubs. At the top of the English football league system, it is the country's primary football competition. Contested by 20 clubs, it operates on a system of promotion and relegation with The Football League. The Premier...
. This, Murray and others argued, would provide substantially increased income from growing television revenues, and with it the potential for the club to operate in a more competitive environment which could help boost performance in European competitions.
Finances
In a quest to fulfil Murray's ambitions for Rangers in Europe, a period of unprecedented spending under the managership of Dick AdvocaatDick Advocaat
Dirk Nicolaas "Dick" Advocaat is a Dutch football manager and former player currently the manager of the Russia national football team.He has been moderately successful as a football player and as a coach, which included two stints with the Dutch national football team...
saw the club's debts increase. As anticipated television revenues failed to materialise and the club's income failed to offset the growing cost of transfer fees and player salaries. Murray said; "For every five pounds Celtic spend, we will spend ten," in 2000. By the following year, with the appointment of Alex McLeish
Alex McLeish
Alexander "Alex" McLeish , is a Scottish former professional footballer and manager, who is currently managing English Premier League club Aston Villa...
as manager, Murray acknowledged that mistakes were made, saying "we got it wrong. We obviously spent far too much money. We can’t let it happen again because that would be total mismanagement." A radical programme of cost-cutting was instituted in an attempt to re-establish the club on a stable financial footing.
In 1996, ENIC Group
ENIC Group
ENIC International Ltd is a British investment company ultimately controlled and owned by Joseph Lewis .Focused on sports, media and investment, the group is chaired by Daniel Levy....
invested £40 million in Rangers. However, disagreements with Murray over transfer spending led to ENIC's Howard Stanton resigning from the club's board of directors in May 1999. ENIC announced plans to sell their 20.2% stake in Rangers in February 2001, but after failing to find a buyer they sold to Murray for £8.9 million in August 2004.
In February 1999, with Rangers' debts mounting, the Bank of Scotland
Bank of Scotland
The Bank of Scotland plc is a commercial and clearing bank based in Edinburgh, Scotland. With a history dating to the 17th century, it is the second oldest surviving bank in what is now the United Kingdom, and is the only commercial institution created by the Parliament of Scotland to...
took a 7% stake in the club and secured a charge over the club's income and assets should it default on its repayments. In October 2009 Walter Smith
Walter Smith
Walter Smith, OBE is a Scottish football manager. His most recent job was at Scottish Premier League club Rangers.Smith had a relatively modest playing career, consisting of two spells with Dundee United which was split by a short time at Dumbarton.A pelvic injury meant he moved in to coaching at...
admitted that the bank had taken control from Murray and that all the club's players had been available for transfer since the previous January. In April 2010 the bank increased its stake in Murray International Holdings to 24%, arranging a debt-for-equity swap after the firm suffered further huge losses.
On 5 July 2002, Murray had relinquished the chairmanship and limited his day-to-day involvement in the club's running. His status as by far the club's biggest share-holder remained. On 1 September 2004, Murray announced his return to the chairmanship, and with it a rights-issue to raise the funds with which to reduce the club's debt. In doing so, Murray also saw his shareholding in the club increase to around 90% of the total stock.
By his own admission Murray has stated that he put £100 million of his own money into Rangers while owner.
Moving on
By 2006, Murray was considering ending his involvement with Rangers. Murray himself continued to articulate a more ambiguous stance on his desire to sell or retain ownership of the club: "It's not a 'For Sale' sign per se, but obviously I don't want to do this forever." Murray announced on 26 August 2009 that he was again to step down as chairman of Rangers Football Club. In June 2010 Murray announced that the club were no longer actively seeker a buyer. At the time, the club and its parent company Murray International Holdings were subject to an investigation from HMRC into a tax issue, to do with payments made into offshore bank accountsOffshore bank
An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction that provides financial and legal advantages. These advantages typically include:...
.
On 6 May 2011 it was confirmed that Murray had sold his controlling interest in the club (85.3 percent) to Wavetower limited for £1. Wavetower Limited is owned by the company Liberty Capital which in turn is ultimately owned by businessman Craig Whyte
Craig Whyte
Craig Whyte is a Scottish businessman and the owner of Rangers Football Club.Whyte first entered business in a plant hire company; since then he has branched out into security, manufacturing and property, before becoming a venture capitalist...
.
Personal life
Murray's achievements in business have come in spite of the personal tragedy of the loss of both legs in 1976, following a serious car crash after a RugbyRugby football
Rugby football is a style of football named after Rugby School in the United Kingdom. It is seen most prominently in two current sports, rugby league and rugby union.-History:...
match. Murray became a longstanding supporter of amputees
Amputation
Amputation is the removal of a body extremity by trauma, prolonged constriction, or surgery. As a surgical measure, it is used to control pain or a disease process in the affected limb, such as malignancy or gangrene. In some cases, it is carried out on individuals as a preventative surgery for...
, reflected in his establishment of the Murray Foundation in 1996. Further personal tragedy followed with the death of Murray's wife Louise in 1992 from cancer
Cancer
Cancer , known medically as a malignant neoplasm, is a large group of different diseases, all involving unregulated cell growth. In cancer, cells divide and grow uncontrollably, forming malignant tumors, and invade nearby parts of the body. The cancer may also spread to more distant parts of the...
.
On 3 May 2000, Murray's Learjet crashed while being leased by Formula One
Formula One
Formula One, also known as Formula 1 or F1 and referred to officially as the FIA Formula One World Championship, is the highest class of single seater auto racing sanctioned by the Fédération Internationale de l'Automobile . The "formula" designation in the name refers to a set of rules with which...
driver and friend David Coulthard
David Coulthard
David Marshall Coulthard, MBE, , sometimes known as DC, is a British former Formula One racing driver from Scotland.Coulthard, who was born in Dumfries and raised nearby in Twynholm, made his Formula One debut in 1994 and won 13 Grands Prix in a career spanning 15 seasons...
. The Learjet developed engine trouble while on route to Côte d'Azur International Airport
Côte d'Azur International Airport
Nice Côte d'Azur Airport is an airport located southwest of Nice, in the Alpes-Maritimes department of France. The airport is positioned west of the city centre, and is the principal port of arrival for passengers to the Côte d'Azur. It is the third busiest airport in France after Charles de...
in Nice, and crashed while attempting an emergency landing at Lyon-Satolas airport
Saint-Exupéry International Airport
Lyon-Saint Exupéry Airport , formerly known as Lyon Satolas Airport, is one of the two airports located in the agglomeration of Lyon, France. The airport was named in 2000 in honour of the French writer and pilot Antoine de Saint-Exupéry, a native of Lyon, on the centenary of his birth.The...
, France. Coulthard, his then girlfriend the Canadian
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
model Heidi Wichlinski and personal trainer/bodyguard Andy Matthews survived, however unfortunately Murray's personal pilot David Saunders and co-pilot Dan Worley were killed in the crash.
In May 2011 Murray announced that he was going to marry former lawyer Kae Tinto.
Honours
Murray has been recognised through a number of awards over the course of his career. In 1984, at the age of 33, he was awarded Young Scottish Businessman of the Year. In 1986 he was awarded an Honorary Doctorate from Heriot-Watt UniversityHeriot-Watt University
Heriot-Watt University is a university based in Edinburgh, Scotland. The name commemorates George Heriot, the 16th century financier to King James, and James Watt, the great 18th century inventor and engineer....
.
Murray was knighted in the 2007 New Years Honours List
New Year Honours 2007
The New Year Honours 2007 for the Commonwealth Realms were announced on 30 December 2006, to celebrate the year passed and mark the beginning of 2007....
, for services to business in Scotland. After being named on the honours list, Murray received his knighthood from Queen Elizabeth
Elizabeth II of the United Kingdom
Elizabeth II is the constitutional monarch of 16 sovereign states known as the Commonwealth realms: the United Kingdom, Canada, Australia, New Zealand, Jamaica, Barbados, the Bahamas, Grenada, Papua New Guinea, the Solomon Islands, Tuvalu, Saint Lucia, Saint Vincent and the Grenadines, Belize,...
on 4 July 2007 at a ceremony at Holyrood Palace
Holyrood Palace
The Palace of Holyroodhouse, commonly referred to as Holyrood Palace, is the official residence of the monarch in Scotland. The palace stands at the bottom of the Royal Mile in Edinburgh, at the opposite end to Edinburgh Castle...
.