Sir David Edward Murray (born 14 October 1951) is a Scottish entrepreneur, businessman and former chairman of the Rangers Football Club.
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.
The global recession of 2007–2008 impacted on the companies' growth and in September 2009 the group registered a loss of some £226 million following a write-down in the value of much of its property portfolio.
Over the following years the group's losses continued as it struggled to bring down its debt with asset sales and debt-for-equity swaps by its bankers (the part publicly owned Lloyds Bank through its HBOS subsidiary).
The company was established in 2000 and invests primarily in traditional economy businesses with a preference for industrial sectors including manufacturing, engineering and oil & gas.
[2] 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.
Other high-profile players were to follow in later years, including Paul Gascoigne, Brian Laudrup, Ronald de Boer and Tore André Flo.
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.
Aside from the 1992–93 UEFA Champions League campaign, in which Rangers twice came within one victory of reaching the final,[7] the club's record in Europe from 1989 was one of under-performance upon the expectation.
[15] It found that Rangers had deliberately failed to disclose the trust payments in order to withhold information from HM Revenue & Customs (HMRC) and fined the old company £250,000.
[16][17] In a quest to fulfil Murray's ambitions for Rangers in Europe, a period of unprecedented spending under the managership of Dick Advocaat saw the club's debts increase.
[21][22] ENIC announced plans to sell their 20.2% stake in Rangers in February 2001,[23] but after failing to find a buyer they sold to Murray for £8.9 million in August 2004.
[25] 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.
[32] Murray, however, has played down his role in the club's financial meltdown[33] and also denied allegations of "cheating", in relation to Rangers' use of EBTs, taking place during his time as owner.
[35][36] After the verdict, Murray expressed dismay at the damage caused to Rangers by the case before it had reached a decision, while also confirming a settlement of over £10 million had been offered to HMRC two years previously.
[37] He also questioned HMRC's handling of his successor Craig Whyte's actions, who had stopped paying tax and national insurance at the club which eventually led to the liquidation of Rangers' previous holding company.
[40] 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."
[42] 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 accounts.
[44] Due to the subsequent financial meltdown of the club Murray's decision to sell to Whyte came under scrutiny, but he claimed to have been "duped" during the process.