Murray relaxed about tax case

17 March 2012 10:47

Rangers bidder Paul Murray claims the major tax case is a "red herring" in the sale process as he urged administrators to provide some certainty over the club's future before next weekend's Old Firm game.

Murray's consortium submitted their takeover proposal on the day administrators had set as a deadline for first indicative bids. His 'Blue Knights' consortium of wealthy individuals - backed by fans' groups and investment firm Ticketus - are one of only two confirmed interested parties along with Sale Sharks owner Brian Kennedy.

Murray has now claimed the absence of an outcome on January's tax tribunal over Employee Benefit Trusts need not slow up the process despite the prospect of a £49million bill, telling BBC Radio Scotland: "It seems a bit odd to say that it's now a red herring but I think it actually may well be."

He added: "I think the administrators used that phrase as well, because with the club now being in administration, effectively liabilities are just piled on to each other."

Rangers already owe Her Majesty's Revenue and Customs close to £15million.

"If the club were to lose the case, which is still not certain, then that liability is added to the liabilities that are there at the moment," Murray added.

"In very simple terms, if there is £50million for creditors at the moment and that rises to £100million it just simply affects the pence in the pound that is available for the creditors."

Murray believes his co-operation with Ticketus, who will provide initial financial backing without receiving ownership rights, is a huge advantage.

A £24.4million cash injection from Ticketus allowed Craig Whyte to complete his £1 buyout by paying off the club's bank debt, and a Court of Session hearing over their rights to the club's future season tickets has been continued until Monday.

But Murray said: "By entering into a partnership with Ticketus, you essentially remove Ticketus from the pot. So our offer is worth considerably more than any others because Ticketus is not part of the CVA."

Source: PA