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Murray hits back at American critic

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09 Oct 2012 19:47:50

Murray hits back at American critic

Rangers chairman Malcolm Murray insists his regime's plan to restore financial fortunes at Ibrox is on course despite warnings from an advisor to a rival bid to buy the club from administrators.

US-based Jon Pritchett, who advised Bill Miller on his offer for the 'oldco' club, wrote in American business magazine Forbes that there was no return possible and stated that "I don't think the Rangers math works". Miller was named preferred bidder by administrators in May but withdrew his offer five days later after stepping up his due diligence.

Responding in a statement, Murray said: "The last time Mr Pritchett had sight of any financial information about Rangers was many months ago and, as a result, his article in Forbes Magazine is ill-informed, misleading and scaremongering."

The tow-truck tycoon openly planned a 'newco' transaction, which Charles Green's Sevco Scotland company eventually carried out in a £5.5million deal after an offer to creditors failed.

Pritchett, who is chief executive of investment firm Club 9 Sports, wrote that it would be difficult to end the long-standing culture of over-spending within Ibrox, which resulted in the oldco club being consigned to liquidation with debts of up to £130million.

Murray's statement continued: "For the avoidance of doubt, there is no risk of the club going into administration and any suggestion otherwise is scandalous and appears written to attract headlines.

"Projections Mr Pritchett had sight of have not been relevant since May and from the day I became chairman, I have been committed to ensuring this club lives within its means and never again comes to the brink of collapse.

"We have already secured significant investment in the club from the individuals and organisations who are part of our consortium and the successful IPO (initial public offering) later this month will generate many millions in additional revenue.

"It does not take a genius to work out that costs needed to be cut at the club and this has happened, with the first-team wage bill being reduced significantly.

"However, we also have a plan to maximise commercial revenues and develop many areas of the club that historically were under-utilised. It is my understanding that Mr Miller's plans were based purely on cost-cutting and little additional investment in the club."


PA

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