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Last Updated: Tuesday, 4 May, 2004, 08:25 GMT 09:25 UK
Gers consider rights issue
Rangers owner David Murray
David Murray is considering a rights issue at Ibrox
Rangers owner David Murray is considering a rights issue to help reduce the club's debt of around 65m.

A decision will be taken when the results of a three-year business plan are known at the end of 2005.

"We will have to do a substantial rights issue, of which I would subscribe for my fair share," Murray told the Financial Times.

"We need to regroup, refinance and get the club on an even keel, and I have never denied that is a responsibility."

Murray, who has invested some 40m in Rangers, including the 6.5m he paid to buy the club 16 years ago, added: "We have got the club trading pretty level now.

"We have got a tremendous stadium at 100m, a training ground, a playing squad - assets of 150m - but there is a rump of debt that will eventually have to be attacked."

Steel magnate Murray said he has been able to shelter Rangers from the worst of what he called "the cyclical downturn of football.

"If I did not have a trading company that is making money, the bank would look on it differently," he said.





SEE ALSO
Murray still Rangers' best hope
18 Jan 04  |  Rangers
Murray takes Ibrox blame
16 Jan 04  |  Rangers



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