Murray returns as chairman

David Murray had been disillusioned by the SPL

David Murray, who stood down two years ago, will be re-installed as the Rangers chairman early next week.

Murray has increased his shareholding from 65% to 86% after his Murray MHL Limited company bought out the 20% stake held by ENIC for a cost of £8.7m.

It also means Daniel Levy, the Tottenham Hotspur chair and ENIC director, steps down from the board.

Present chairman John McClelland will become vice-chairman, while Murray is backing under-fire boss Alex McLeish.

That is despite his side's failure to qualify for the Champions League group stages, which could have brought about £8m into the Glasgow club.

Club sources are stressing that it is not a knee-jerk reaction and that Murray, who stepped down in July 2002 and adopted the title on honorary chairman, has been planning his comeback for a number of months.

Rangers are expected to soon announce a share issue aimed at raising £50m as well as announce that last year's record debts of £68m have risen despite huge cost-cutting measures.

It is understood that Murray intends to underwrite a proportion of the planned share issue himself, with ENIC set to receive payments should the flotation be carried out at a price greater than the 75p per share price of Friday's deal.

ENIC have been promised a further payment of up to £5.625m the next time Rangers qualify for the Champions League or are invited to join the English Premiership.

A statement to the Ofex Stock Exchange explained that those conditions were ENIC's idea.

"These possible future events have been identified by ENIC in view of the effect that they may have on the value of Rangers shares and do not reflect any current plan on the part of Rangers or Murray," it said.

The Rangers Supporters Trust, the shareholding supporters pressure group, gave a cautious welcome to the re-structuring.

"While we welcome any plan which will ultimately result in fresh capital into the club, we cannot give a proper view until we have studied all the detail, which is likely to be towards the end of next week," a spokesman said.

RST members have held meetings with Murray over the past few months and another is to be held soon.

Rangers have promised a more detailed announcement on Wednesday.