So Farewell Then Malcolm Murray – Did His Parting Shot Reveal Omission in Rangers Share Prospectus?

Rangers International Football Club PLC announced on 9th July that former Chairman Malcolm Murray and Phil Cartmell were both leaving the Board.

The announcement read:-

The Board of Rangers International Football Club plc has announced non-executive directors Malcolm Murray and Phil Cartmell have left the board.

Walter Smith, Chairman of Rangers, said: “Both Malcolm and Phil have made important and valuable contributions to the Club. The last year has presented the Club with a number of challenges and it has been beneficial to have two highly experienced non-executive directors such as Malcolm and Phil offering assistance.

“On behalf of the board I would like to thank them for their considerable efforts in helping to rebuild Rangers. Both men have other significant business interests and we wish them well in their future endeavours.”

Bearing in mind the disagreements at which Mr Murray was rumoured to be at the centre, the above was a respectful statement. All seemed sweetness and light.

And then Mr Murray decided to speak his mind in an open letter to the fans…

“I make this statement not for self-gratification or sour grapes but because so many fans have told me that dignified silence will be seen as a sign of disrespect.

“My previously criticised silence was observed in the best interests of Rangers.

“I was chairman of this great club for arguably the most difficult year in its long history.

“I was recommended for the role by the investment institutions because of my strong record of honesty, integrity and my successful stewardship, of a 25% shareholding in Manchester United from the bottom to the top but not least because I am a Rangers fan and everything I have done or do is for the club and not self-interest or financial gain.

“It has been a difficult shift and I’d like to thank you, the fans, for your support which I enjoyed as recently as Sunday when I drove over 600 miles to Brora.

“I would also like to thank my wife and daughter for their patience and endurance of great hardship – including no holiday for a year and harassment by journalists in their own garden.

“During the dark days of last summer I put a six-figure sum into the club to literally stop the lights going out at Ibrox at a time when we were in real danger.

“My family have given things up to help save Rangers in this difficult year. There aren’t many wives who would let their husband pay someone else’s significant electricity bill.

“You and I want a squeaky-clean club run by men of the highest integrity and global commercial ability and the highest level of transparency.

“The reason we went down the flotation route was to guarantee transparency, whereas ownership by mysterious individuals does not.

“Events of the last year have seen behaviour that would make the late, great Bill Struth spin in his grave.

“The loss of two men (Phil and myself) with such lengthy financial public company experience and a quality broker will undoubtedly raise questions amongst our institutional shareholders.

“Only time will tell how they will react. These investors and you are our future and you must be listened to and given transparency.

“We cannot go back to the depths of the last two years, we need to hold course. Corporate transparency is the norm and we should embrace it rather than change course when difficult questions are asked.”

“My family and I will always be fans and season ticket holders and I will remain a shareholder and use whatever influence I have to help the Rangers. I want the best for our club both on and off the pitch.

“I want our fans to be talking about football and the development of our rich history and culture. I hope to be the only chairman in our history to preside over a Third Division title!”


Normally a departing director would leave under terms which would preclude comment on the company, or at least on any controversial issues.

If so, Mr Murray has ignited any agreement. However the tone of his statement suggests that no such “deal” was reached.

M Murray

“During the dark days of last summer I put a six-figure sum into the club to literally stop the lights going out at Ibrox at a time when we were in real danger.

“My family have given things up to help save Rangers in this difficult year. There aren’t many wives who would let their husband pay someone else’s significant electricity bill.

I do not recall any mention that at any stage last summer payment of a six-figure sum was needed to pay the electricity bill and that this could not come from the funds of Sevco Scotland Ltd/Rangers Football Club Ltd.

Indeed, if you read the RIFC share prospectus, you will read about loans to the company (RFCL) by Mr Stockbridge, by Mr Ahmad and by Mr Green – listed under “related party transactions” on page 67, as reproduced below.

28. Related Party Transactions

On 6 August 2012, Brian Stockbridge, a director of RFCL provided a loan of £50,000 to RFCL. No interest accrued on this balance which was repaid on 7 August 2012. Brian Stockbridge also received a payment of £30,000 for the period from 14 June 2014 to 31 August 2012 with respect to his consultancy services as a director.

The following balances were novated from Sevco 5088 Limited (a company of which Charles Green was the sole shareholder and hence a related party) on 29 May 2012 to RFCL, hence the dates are before incorporation of RFCL:

  • • On 11 May 2012, Imran Ahmad, a director of RFCL, provided a loan of £200,000. £178,000 was repaid on 15 August 2012 and £22,000 was converted into ordinary share capital of RFCL. Imran Ahmad also received an arrangement fee of £50,000 relating to this loan.
  • • On 21 May 2012, Charles Green, a Director of RFCL provided a loan of £25,000. No interest accrued on this balance and this was repaid on 15 August 2012.

Maybe there is a reason why a loan by one of the directors to the company did not need to be declared, whereas others did?

Maybe it was an oversight?

Maybe it was not recorded correctly in the books?

In any event the Prospectus made clear that all loans, totalling £1.8 million, received by “Rangers” in its first three months were repaid in full in that period. So did Mr Murray get his loan funds back then?

“Events of the last year have seen behaviour that would make the late, great Bill Struth spin in his grave.

That suggests that these events have taken place since the Green takeover. What is Mr Murray referring to? Are the people responsible for that behaviour still in place at Ibrox?

His comment above should be of concern to fans and investors alike, though, despite denying it is “sour grapes”, many will feel that is exactly what it is.

“The loss of two men (Phil and myself) with such lengthy financial public company experience and a quality broker will undoubtedly raise questions amongst our institutional shareholders.

I mentioned earlier the issue of the demise of Cenkos as RIFC’s NOMAD. Here Mr Murray seems to be hinting that the change is a matter of controversy, and one of concern.

Mr Murray also recognises, in his reference to institutional investors, that the fans who hold shares are not as concerned, because the financial issues are not at the forefront of their minds. But institutional investors are very different. They are ONLY investors so they can make a profit and earn a return.

Such investors would only be concerned if there was a threat to that investment – either in terms of the shares reducing in value or in the absence of an anticipated dividend. Now football clubs rarely, if ever, pay dividends and the fans expect to see profits (if they exist) invested back into the football organisation. Therefore the concern would seem to be that there might be developments which would lead to a share price decline, and that normally would be where the income v costs battle was being lost.

Non-executive directors have a specific role in the corporate rules in the UK. Ironically it is often the case that the desire of the executives to get rid of a non-exec itself proves the non-exec’s worth to the company!

Or, as seems to have been the case here, where one bloc of shareholders look for non-execs to be removed, this might suggest that they have been too good at protecting the interests of other shareholders.

Would Mr Murray be willing to answer questions from institutional investors? What sort of questions would he want them to ask?

Maybe journalists, rather than harassing him and his family, could ask him?

“Corporate transparency is the norm and we should embrace it rather than change course when difficult questions are asked.”

Ouch. What changes of course have there been? What are these difficult questions?

What sort of reception does Mr Murray think he will get when he next takes his seat in the Ibrox stands – no longer in the Directors’ Box. Will he be acclaimed for his role in leading Rangers through the last year, or castigated for disagreeing with Mr Green?

As with many of my posts on Rangers – there are more questions than answers!

Posted by Paul McConville



Filed under Charles Green, Companies Act 2006, Rangers

67 responses to “So Farewell Then Malcolm Murray – Did His Parting Shot Reveal Omission in Rangers Share Prospectus?

  1. JimBhoy

    Spivvery, shady, shysteristic, sharky, spoofery, sneaky, snake-oily, sly, sleakit, slippery, snidey, shifty, secretive, surreptitious, stealthy, specious, spurious, shambolic Scotland’s shame… IMHO… 🙂

    • Fra

      @Malcolm Murray and his mate seem to be the only ones who were trying to do an honest job. They tried to tarnish his name with the video of him staggering. Very NOTW behaviour. Now this was found to be Stockbridge yet we have McMurdo kowtowing to this man and telling anybody who wants to listen how he’s a good guy.

      Even the allegedly more educated members of the hordes have been taken in by these conmen and are duplicit in helping them fleece the more gullible supporters of the toxic club. If only Murray would realise that rangers are dead and therefore has no allegiance to this new entity. And while he’s at it, he could maybe inform the SFA as they seem to have trouble getting their head round the obvious.

  2. Six figure sum? Maybe £100k? That figure rings a bell……………

  3. JimBhoy

    Less than 3 weeks to go…They must be ready to put out the orange tap… 🙂
    7% of the world’s population wait with baited breath..

  4. arb urns

    have a look at the dates on stockbridge’s ‘loan’… thats real wonga………

    so malky kept the lecky on…will there b a light to switch off when the last man leaves the building…..

    just dont get it the chair pays the electricity bill and sally silly-salary
    ‘removes’ over £2739.72p PER DAY from the building if nothng has changed from last reported figs.

    how does that work ?

    • JimBhoy

      @Arb Sally Silly-Salary is the best for today mate… 🙂
      Sallys sham-shares… Pretty much kept on the books if you support Chico Pyro Pants regardless of your credentials..

      I wonder what it’s gonna take for the cardigan to bail, I get the impression they are all just hanging around for a pay-off…T’Rangers have done a great job of topping up pensions and financially propping up the legal business in the UK, but as long as the big hoose is open for bileous business most bears will happily go along with the sham.

  5. mick


    Someone or something that has been left out or excluded.
    The action of excluding or leaving out someone or something.

    neglect – negligence – oversight

    omission great choice of word paul its all a messy riddle but time will see what has been over sighted and by whom its not looking good the sfa should hang there head in shame letting this roll out unquestioned ,it was them that let them back in and told us due diligence was done now this the 5 way agreement is in tatters and so is sally war chest lol

  6. Monti

    The main point in all of this comedy gold is, until Ibrox has been razed to the ground & houses or an Ice cream factory built in it’s place, Scottish football cannot & will not move forward.
    Rangers are dead & Newco should not have been granted a Diddy licence to play in the third division.
    Until Ibrox is gone & the tribute act is dead, until Ogilvie,Regan & Doncaster have left their jobs, all that will remain is painful comedy & mistrust!
    It is funny though….:D TAL!

  7. Monti


  8. 2 sides of the 1 coin

    In response to Mick on last blog:

    A father was stabbed after a row about whether his toddler son should support Celtic or Rangers.

    Daniel Collingwood was attacked by his partner’s uncle, Thomas Gordon, after a New Year’s party.

    The High Court in Glasgow heard on Monday that Gordon’s family are Celtic fans and he began arguing with Mr Collingwood because his two-year-old son supported Rangers.

    Gordon, who was previously jailed for assaults in the mid-90s, originally faced an attempted murder charge over the attack, but his guilty plea to the reduced charge of assault to the endangerment of life was accepted by the Crown.

    The court heard how 36-year-old Gordon’s partner Catherine Johnson held a party at her home in Rhynie Drive, Ibrox, Glasgow, on Hogmanay last year. He attended with his 44-year-old brother Edward.

    Mr Collingwood and his girlfriend Danielle Gordon, the accused’s niece, also went to the party.

    Prosecutor Douglas Fairlie QC said: “During the party, Edward Gordon and Mr Collingwood argued about the upbringing of his son. It is stated that the argument appeared to be about whether the child should support Celtic or Rangers.”

    It is believed members of the Gordon family are Celtic-minded while the two-year-old child is already a Rangers fan. The accused, his brother and Mr Collingwood later left the property in the early hours but returned when Edward Gordon realised he had left something behind.

    Mr Fairlie said another row soon broke out at the house with a disagreement about what religion Mr Collingwood’s boy should follow.

    The advocate depute went on: “The accused left the living room and went into the kitchen. Mr Collingwood felt uneasy and became concerned for his safety. He ran into the back garden, but was unable to find an exit gate, so he attempted to run back into the house.”

    The court heard he was then grabbed by Edward Gordon, who pushed him against a wall as the accused stormed out. Mr Fairlie told the court: “There was then an altercation during which the accused stabbed the complainer several times to the left side of his neck and shoulder area.”

    Mr Collingwood managed to escape by jumping over garden fences. He went to a nearby property where his partner was and an ambulance was called.

    The court heard the most serious wounds he suffered were to his neck, including one that was 2cm from his jugular vein.

    Mr Collingwood has been left scarred for life. Gordon, of the city’s Govan, was charged with the attack a week after the incident, but told police: “I didn’t do it.”

    It was revealed that Gordon was jailed for six years in 1995 at the high court for assault. He also has a previous conviction for carrying a knife in 2007.

    Judge Lord Turnbull deferred sentencing for reports until later this month. Edward Gordon, also of Govan, had also been accused of attempted murder, but prosecutors accepted his not guilty pleas.

    • A thug is a thug no matter what team he supports m8. I commented on this case before,that the guy was out for a fight as his past shows and used this as his chance to pick on the tots dad.I think the celtic /rangers thing was a smokescreen,and I wish people would stop trying to point score on such terrible circumstances for the family’s involved.
      That goes for both sides of the sectarian bampot divide.

      • 2 sides of the 1 coin

        Well said Jimmy. 100% agree. You should point that out to mick and monti. The gruesome twosome.

        • Fra

          2sides……this guy was a thug and a tit. His allegiances sound like a separate issue and the family maybe had other issues outwith football.

          Monti and Mick have never advocated violence towards innocents. Maybe the death of the toxic club brother but under no circumstances can they be classed as innocent. Case dismissed

      • mick

        H Monti and out of the blue mentioning me he’s up set the UVF have the blood of 20 scots and NI children via the evil drug rackets scum bassas oh and 2 sides to ever coin your msm propaganda to make look like a equal balance of hatred is bullshit and washes back at 0 here your drum skins are paid for by drug money yous are the parasite of the world shame on yous

    • mick

      A don’t get the point of posting that crap you seem twisted and of the mindset 1 as bad as the other when every1 knows that is not true and the statistics prove it why would some 1 call 2 sides to ever coin post like that with no explanation to me your a nut nut and most like a bigot yourself trying to justify your twistedness

      • 2 sides of the 1 coin

        “the statistics prove it” 🙂

        Show us.

        • The Scottish Government “lost” the statistics (ha ha) as the results would have been an embarrassment to “The Establishment”, and damaged the “One Scotland” nonsense that Alex Salmond Spouts, I mean how could such a bigoted country, should it become independent, be allowed membership of the EU – a largely Catholic community? But those that were put into the public domain were very clear. Do the research.

          • 2 sides of the 1 coin

            Those that were put in the public domain were not very clear. Well, not after a certain person twisted them into a spin that the country was anti catholic, when the stats actually proved the country wasnt.

            Gullible to the bitter end some of you are though.

  9. mcfc


    Would it be fraud for an organization to sell season tickets for a series of events if it had good reason, in advance, to believe that it would be unable to delivery said events due to trading difficulties and potential insolvency ?

  10. Monti

    Ask yourselves this question fellow Bhoys n Ghirls… much do you want Sevco in the cups next season?
    This is in my prayers each morning & every evening.
    you see I have this vision of Sally standing in the technical area ( no room in the dugout you see), arms folded, 5 goals down & there is still 25 mins to play…..can you imagine the atmosphere?
    I can & I want it……badly!

    • Sorry Monti,I enjoy my football now,without the bile,wouldn’t go back to any old firm game now. It is gone and hopefully will remain so for some considerable time. Bring on the Barca and Madrid.

    • portpower

      Do they heat or freeze the balls for the cup draw?

    • Fra

      @Monti…Disagree Monti.. Death is the only thing that shower deserves. Glasgow is slowly moving forward and can do without the bile this fixture produces.

      I have an image of Sally fuming at the touch line and as funny as it is, I prefer the ultimate sanction

  11. Paul

    This is the biggest fraud in the history of Scottish Football and not a journalist or newspaper is interested in the story. you have to admit that this club is not only dead but is followed by the fucking biggest idiots in Scottish Football. The reason as to why the followers of this club continue to follow them is apparent, WATP has been exposed and anyone who wants to make a buck from this corpse only has to play the sectarian card and the zombies will arrive and part with their dough.pathetic excuse for a football club and the most laughed at. We welcome the lies and spin from the SFA.

  12. portpower

    Will wally do a bomber brown?

  13. Glazert Tim

    What proud history is Malcolm talking about?

    A bit forward for a football club that is in its first year of life, albeit with the assistance of life support.

    Still, no probs with the leccy bill this year, not since D&P sanctioned Chuckles ‘draw down’ of funds for the installation of the solar powered floodlights.

    This decision was based on the flawed engineering assumption, by the MSM and fans, that the sun actually shines out of Walter Smith’s arse.

    • mick

      It’s the worse situ ever In sport in the world the oldco sub culture of violence should have been enogh to close it down now with alll the help they have had its hapPening agian it’s lol constant. At them all hahaha

  14. the huns is gettin’ a bum rap inat, but ey’re too thick tae see that ey’re getting pumped stoopit, cos aw’ ey’ see iz flutes ‘n’ sashes, or should i say ashes tae sashes, that wiz a cracker cartoon fae witiva’ celic site it came fae, hit the spot so it did, as for dem monkee bun fans @ the paupers dome yeez diserve evryhing yeez get cos yeez is daft M H B s

  15. Dhougal

    Billy Withers !!!!…………..Lovely day ,lovely day,lovely day……….couldn’t be more apt !!!!! . Once again thanks for all your hard work Paul.

  16. Budweiser

    I couldn’t figure out what MM had done wrong. I now believe he is going because he wouldn’t do wrong.

    • Monti

      That is correct Bud, totally & utterly….in a nutshell!! HH!
      What do you make of the Ghanaian guy Saints have picked up?

      • Budweiser

        Monti. tbh I don’t know anything about him. Pretty much in despair about signings.At least 9 out and 4 in – and they don’t look to be up to much. We will need the 15 pts start from hearts !!

  17. Monti

    @Jimmy, Jamie & Allthetim
    Guys are you really telling me you wouldn’t be up for that game if we drew them?

    • Yes m8, couldn’t stomach playing them again,leave them be,and carry on with the jelly and ice cream,look what’s happening at celtic park now,wifi,family stands,beer or should that be magners on tap,just be part of it celtic first celtic last celtic overall. Hail Hail my friend

  18. Monti

    The other night i said my footballing idol growing up was Michel Platini, obviously i adored all the Celts legends growing up but Platini was Genius.
    out of interest, who was your football idol growing up, this question to all fellow posters on here?

    • portpower

      Eusébio O` Rei.

    • mick

      Paddy bonner Monti is my fav and the reason is similiar to Alan wells the runner country lad dedicated and hungry to succeed and made it to the top of there game paki is a inspiration and the ultimate devinition of a professional sports man

      • JimBhoy

        Was at Paddy’s first senior game, mine too in 78… John Barnes was awesome, Peter Lorimer, Billy Bremner and Kenny it has to be Kenny..

    • It has to be jinky m8,just the sight of the wee man with socks round his ankles,just knowing that big guys were just going to try and kick him off the park,the bravery and skill to take them on till they had nothing left to hit him with,just different class.

    • Fra

      @Monti…Jinky. I had the great pleasure of buying the man a pint and in return he autographed my hat. In hindsight, maybe not the best idea as I’m sure he was driving a big truck. Haha.

      I spent thousands of hours in the pissing rain dreaming of the day I would be running out in Paradise dribbling down the right wing to the cheers of my BHOYS and GHIRLS. Alas, lack of talent, lack of dedication and discovering vodka all played a part in nullifying my dream

    • George Connelly. Fantastic footballer.

  19. Six figure sum? Maybe £100k? That figure rings a bell……………

  20. JimBhoy

    Socrates Brazil GRHS

  21. 2 sides of the 1 coin

    In another response to mick the tinted specs specialist:

    A WOMAN was left black and blue after a tiny teen girl attacked her on a busy train when she asked her to stop singing sectarian songs.

    Elizabeth Irwin, 39, was viciously beaten by Jade McKnight, 17, who was on her way home from a Celtic v Dunfermline match.

    Horrified passengers looked on as Celtic fan McKnight screamed abuse at mother-of-three Elizabeth.

    McKnight, of Lanark, pulled her hair and called her an “Orange b*****d” before repeatedly punching her.

    Elizabeth was heading home to Wishaw with her husband Tom when she was attacked in February last year.

    Elizabeth, who runs a cake making business, said: “We heard McKnight and her friends coming up the train singing songs.

    “They sat across from us and continued singing and chanting but we tried to ignore them.

    “She then kept telling me to join in with singing. When I said no she called me an Orange b*****d and hurled abuse at me.

    “I stood up and asked where she was getting off and she said Lanark.

    “We were at Motherwell so I asked her to move as I didn’t want to listen until we were getting off at Wishaw.

    “She then yanked my hair and dragged me about. It happened so quickly and I’m not sure if it was a fist, knee or chair that hit me in the face.

    “I was black and blue, suffered mild concussion and headaches. My chest was bruised and I ended up with a black eye.”

    • Monti

      Bik does a great ” Song for Marcella”, has a wonderful voice & having met the man on more than one occasion, I have always been impressed by his company!

      I have a question for you 2 sides, are you right in the head?

  22. 2 sides of the 1 coin

    Celtic fans banned from Firhill stand. Yip.

  23. 2 sides of the 1 coin


    A video showing a schoolgirl abusing and punching a male pupil in the face viciously has come to the attention of the police in Scotland. The girl, a first-year pupil, is shown squaring up to a bigger boy and punching him repeatedly in the face.

    The Daily Mail reports the incident involved two pupils from Catholic comprehensive St Aidan’s High School in Wishaw. The incident was filmed on Tuesday night in the North Lanarkshire town.

    A spokesman for the department of Learning and Leisure Services at the North Lanarkshire Council, said: “We can confirm that an incident involving two pupils from St Aidan’s High School took place last night. A full school investigation will be carried out and action will be taken… The incident happened outside school hours and away from the school grounds. The incident has been reported to the police who are carrying out investigations. Bullying of any kind is not tolerated and our schools have anti-bullying policies and procedures in place.”

    The disturbing two-minute clip shows a girl striking a self-confident pose with her hands in her pocket, facing a boy much taller and bigger than herself. The Sun reports the boy is 12 years old.
    The girl attempts to provoke the boy but he keeps his arms at his side and refuses to retaliate. She says “He can’t even speak or anything.” The boy answers: “I don’t hit lassies.”

    The girl swears: ‘You’re s******* yourself man, I can tell…”

    • Just a wee reply,the lassie in question got her own come uppence,when the community turned on her,,after seeing the footage. Bullies always get their day. Again a ned is a ned nothing to do with football or schools,just the wrong upbringing.

      • 2 sides of the 1 coin

        And the articles Mick posts about Rangers fans. Are they nothing to do with football as well ? just checking.

  24. Monti

    @ 2 sides, The creditors? Stay focused now, deflection is a form of denial.
    Take a look at the creditor list & share your thoughts with us……

    • 2 sides of the 1 coin

      What creditors ?

      Have you not learned from reading the blogs on here. The creditors are gone. Thats what happens when someone is declared “bankrupt” and put through a process of liquidation.

      Silly rhat.

      • mick

        rhat yous are rats and parasites who pay for your drum skins via drug deals your drums beating today have the blood of 20 young scots and NI CHILDREN’S BLOOD ON THEM YOU SCUM YOU AND YOUR ENTIRE CULTURE FOR LETTING IT HAPPEN

        • 2 sides of the 1 coin

          More generalisations. The Orange marchers are just like you, only with a different allegiance.

          Thick as coo sh1t you are.

  25. portpower

    Craig Mather sevcos` new new Chief Executive Officer.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s