David Murray (Scottish businessman)

David Murray (Scottish businessman)
Sir David Edward Murray
Born 14 October 1951 (1951-10-14) (age 60)
Ayr, Scotland
Net worth decrease£110 million (2010)[1]

Sir David Edward Murray (born 14 October 1951) is a Scottish entrepreneur, businessman and former owner and chairman of Rangers Football Club.

Born in Ayr, Scotland, Murray had formed the company Murray International Metals Limited by the age of 23. The company grew to include steel production, mining and property development. In 2008 his estimated wealth was valued at £720 million. Due to the economic recession his personal fortune was estimated to have dropped by 78% in 2009.

Murray is perhaps best known for his ownership of Scottish football club Rangers F.C. whom he purchased for £6 million in 1988. While owner, the club won 15 League Championships and 26 Cups. Murray stepped down as chairman in 2009, and was replaced by Alastair Johnston. Murray officially sold his controlling interest of shares in Rangers in May 2011 to businessman Craig Whyte.

Murray was made a knight of the British Empire in 2007.

Contents

Early life

Born in Ayr on the 14 October 1951, Murray was educated at Ayr Academy, Fettes College and Broughton High School.[2] By the age of 23 Murray had formed Murray International Metals Limited, which was to become a leading distributor of structural steel.[3]

Business career

Subsequently, the Murray Group of companies grew to become one of the United Kingdom’s most successful privately-owned enterprises. Added to the core business of steel were interests in surface mining (GM Mining), commercial property development (Premier Property Group), venture capital (Charlotte Ventures) and call centres (RHL, trading as 'RESPONSE' from February 2007 onwards, formerly Response Handling Limited). In 2006, the Murray group collectively reported turnover of £550 million, representing a fivefold increase on the figure five years previously, largely as a result of growing involvement in property development.[4] Corporate success was also reflected in Murray's personal wealth, estimated in the Sunday Times Rich List 2008 at £720 million, making him the 113th wealthiest person in Britain. In 2007, Murray was said to be the seventh richest Scot.[5]

Murray's personal wealth has suffered in the recession of 2008–2009. The Sunday Times Richlist 2010 valued his fortune at £110 million, 78% down on the £500 million fortune he was estimated to have in the 2009 edition of the richlist.[1]

Alongside his high-profile business activities, other Murray interests have helped cement his prominence in Scottish life. In 1991, Murray established the Sunday Scot, a tabloid newspaper which ceased publication after only 14 weeks.[6]

Politics

Murray has also provided occasional contributions to Scottish politics. In the lead-up to the 1997 referendum on the establishment of a Scottish Parliament, Murray endorsed the 'no' campaign, reflecting a long-held support for Unionism and opposition to the devolution of power from Westminster.[3]

In the lead-up to elections to the Scottish Parliament in 2007, Murray reiterated his Unionist sentiments as one of 150 business signatories to a newspaper advertisement proclaiming that "the break up of Britain would damage Scotland".[7]

In February 2011, Murray publicly backed SNP leader Alex Salmond for a second term in office as First Minister of Scotland. He said he believed the SNP leader was "the best man for the job" ahead of May's poll and "the best choice for Scotland during these difficult times".[8]

Football life

Acquiring Rangers

Murray's involvement in football has overshadowed his business and personal lives and explains much of his prominence within Scottish society. In the 1980s Murray made a bid for Ayr United which was rejected by shareholders of the club.[3] This setback saw Murray focus attention on acquiring Rangers, a club which, following the appointment of Graeme Souness as manager in 1986, had regained its ascendancy in Scottish football.

Attracted by the idea of owning what at the time was one of Scotland's highest-profile football clubs, on 23 November 1988 Murray secured the purchase of Rangers from the club's then owner, the Nevada-based Lawrence Marlborough, for a sum of £6,000,000.[9]

Chairmanship

Throughout what was later to transpire as his first period of chairmanship, Murray continued and extended the ambitious strategy he had inherited from David Holmes. His investment saw further development to Ibrox Stadium, which had already undergone extensive remodelling in the aftermath of the Ibrox disaster of 2 January 1971, which claimed the lives of 66 fans following an Old Firm derby with Celtic.[10]

Murray oversaw the construction of a third tier on the existing Main Stand, raising the ground's capacity by 7,300.[10] Accompanying this were changes on the pitch. In 1989 Rangers secured their first trophy under Murray's chairmanship and the first of what was to become nine successive League Championships between the period 1989-1997.[11] This period was to be significant for more reasons than footballing success.

In 1989 Murray and the then manager Graeme Souness signed Mo Johnston, the first high-profile Catholic to play for the club since the Second World War, from French club Nantes for £1.5 million.[11] Since Johnston had previously played for Celtic and had recently committed to re-join them, the transfer to Rangers instead was highly controversial. Other high profile players were to follow in later years, including Paul Gascoigne, Brian Laudrup, Ronald de Boer and Tore André Flo.

Period of success

Following Graeme Souness’ departure to Liverpool in April 1991, Murray appointed his former assistant Walter Smith as manager. Under Smith, and his eventual replacement in 1998 by Dick Advocaat, Rangers embarked upon a sustained period of success that saw the club win eleven league championships over fourteen years.[11] This domestic domination was not accompanied by success in European competition. Aside from the 1992-93 UEFA Champions League campaign, in which Rangers twice came within one victory of reaching the final,[12] the club's record in Europe from 1989 was one of under-performance upon the expectation.

However, in 2005-06 Rangers secured qualification from the group stage of the Champions League, becoming the first Scottish side to reach the last-sixteen knockout stage of the competition.[13] In 2007-08, Rangers reached the final of the UEFA Cup but lost 2-0 to FC Zenit at the City of Manchester Stadium.[14] Rangers went on, however, to win a Cup Double, of the Scottish League Cup, and the Scottish Cup.

In 2001-02, Murray abandoned his previous insistence that Rangers would never leave Scottish football, arguing in support of a move by the Old Firm to the better-resourced English leagues, and ultimately the Premier League. This, Murray and others argued, would provide substantially increased income from growing television revenues, and with it the potential for the club to operate in a more competitive environment which could help boost performance in European competitions.[15]

Finances

In a quest to fulfil Murray's ambitions for Rangers in Europe, a period of unprecedented spending under the managership of Dick Advocaat saw the club's debts increase. As anticipated television revenues failed to materialise and the club's income failed to offset the growing cost of transfer fees and player salaries. Murray said; "For every five pounds Celtic spend, we will spend ten,"[16] in 2000. By the following year, with the appointment of Alex McLeish as manager, Murray acknowledged that mistakes were made, saying "we got it wrong. We obviously spent far too much money. We can’t let it happen again because that would be total mismanagement."[17] A radical programme of cost-cutting was instituted in an attempt to re-establish the club on a stable financial footing.

In 1996, ENIC Group invested £40 million in Rangers.[18] However, disagreements with Murray over transfer spending led to ENIC's Howard Stanton resigning from the club's board of directors in May 1999.[19][20] ENIC announced plans to sell their 20.2% stake in Rangers in February 2001,[21] but after failing to find a buyer they sold to Murray for £8.9 million in August 2004.[22]

In February 1999, with Rangers' debts mounting, the Bank of Scotland took a 7% stake in the club and secured a charge over the club's income and assets should it default on its repayments.[18] In October 2009 Walter Smith admitted that the bank had taken control from Murray and that all the club's players had been available for transfer since the previous January.[23] In April 2010 the bank increased its stake in Murray International Holdings to 24%, arranging a debt-for-equity swap after the firm suffered further huge losses.[24]

On 5 July 2002, Murray had relinquished the chairmanship and limited his day-to-day involvement in the club's running.[25] His status as by far the club's biggest share-holder remained. On 1 September 2004, Murray announced his return to the chairmanship, and with it a rights-issue to raise the funds with which to reduce the club's debt.[22][26] In doing so, Murray also saw his shareholding in the club increase to around 90% of the total stock.

By his own admission Murray has stated that he put £100 million of his own money into Rangers while owner.[27]

Moving on

By 2006, Murray was considering ending his involvement with Rangers.[28] Murray himself continued to articulate a more ambiguous stance on his desire to sell or retain ownership of the club: "It's not a 'For Sale' sign per se, but obviously I don't want to do this forever." Murray announced on 26 August 2009 that he was again to step down as chairman of Rangers Football Club.[29] In June 2010 Murray announced that the club were no longer actively seeker a buyer.[30] At the time, the club and its parent company Murray International Holdings were subject to an investigation from HMRC into a tax issue, to do with payments made into offshore bank accounts.[31]

On 6 May 2011 it was confirmed that Murray had sold his controlling interest in the club (85.3 percent) to Wavetower limited for £1.[32] Wavetower Limited is owned by the company Liberty Capital which in turn is ultimately owned by businessman Craig Whyte.[32]

Personal life

Murray's achievements in business have come in spite of the personal tragedy of the loss of both legs in 1976, following a serious car crash after a Rugby match. Murray became a longstanding supporter of amputees, reflected in his establishment of the Murray Foundation in 1996.[33] Further personal tragedy followed with the death of Murray's wife Louise in 1992 from cancer.[3]

On 3 May 2000, Murray's Learjet crashed while being leased by Formula One driver and friend David Coulthard. The Learjet developed engine trouble while on route to Côte d'Azur International Airport in Nice, and crashed while attempting an emergency landing at Lyon-Satolas airport, France. Coulthard, his then girlfriend the Canadian model Heidi Wichlinski and personal trainer/bodyguard Andy Matthews survived, however unfortunately Murray's personal pilot David Saunders and co-pilot Dan Worley were killed in the crash.[34]

In May 2011 Murray announced that he was going to marry former lawyer Kae Tinto.[33]

Honours

Murray has been recognised through a number of awards over the course of his career. In 1984, at the age of 33, he was awarded Young Scottish Businessman of the Year.[3] In 1986 he was awarded an Honorary Doctorate from Heriot-Watt University.

Murray was knighted in the 2007 New Years Honours List, for services to business in Scotland.[35] After being named on the honours list, Murray received his knighthood from Queen Elizabeth on 4 July 2007 at a ceremony at Holyrood Palace.

References

  1. ^ a b Philip Beresford (2010-04-25). "The Sunday Times Rich List 2010: Rising from the rubble". London: Sunday Times. http://business.timesonline.co.uk/tol/business/specials/rich_list/article7107182.ece. Retrieved 2010-07-11. 
  2. ^ "Sir David E Murray, Chairman & Board". Rangers Website. http://www.rangers.premiumtv.co.uk/page/chairmanandboard/0,,5~1529365,00.html. Retrieved April 10, 2011. 
  3. ^ a b c d e "Profile: Sir David Murray". The Daily Record. August 26, 2009. http://www.dailyrecord.co.uk/football/spl/rangers/2009/08/26/profile-sir-david-murray-86908-21625775/. Retrieved September 2, 2010. 
  4. ^ "Murray's property goal". The Scotsman. http://business.scotsman.com/topics.cfm?tid=456&id=1103182006. Retrieved April 10, 2011. 
  5. ^ "Sir Tom is first Scots billionaire". Scotland on Sunday. April 29, 2007. http://business.scotsman.com/topics.cfm?tid=991&id=661182007. Retrieved April 10, 2011. 
  6. ^ "Can a new title win lion's share of the market?". The Scotsman. February 10, 2005. http://thescotsman.scotsman.com/business.cfm?id=153182005. Retrieved April 10, 2011. 
  7. ^ "List of pro-Union business people". BBC. April 25, 2007. http://news.bbc.co.uk/1/hi/scotland/6591039.stm. Retrieved April 10, 2011. 
  8. ^ "Unionist Sir David Murray backing Alex Salmond". BBC. February 27, 2011. http://www.bbc.co.uk/news/uk-scotland-12591383. Retrieved February 28, 2011. 
  9. ^ "Murray makes £112 million but not a penny will be put into Rangers". The Scotsman. http://thescotsman.scotsman.com/sport.cfm?id=2337572005. Retrieved April 10, 2011. 
  10. ^ a b "A Stadium to be Proud of". Rangers Official Website. http://www.rangers.co.uk/page/Ibrox/0,,5,00.html. Retrieved September 2, 2010. 
  11. ^ a b c "Murray relinquishes Rangers role". BBC. August 26, 2009. http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/8223058.stm. Retrieved September 2, 2010. 
  12. ^ "I knew Champions League was simply the best when we put Leeds to sword". The Evening Times. August 26, 2010. http://www.eveningtimes.co.uk/sport/editor-s-picks/i-knew-champions-league-was-simply-the-best-when-we-put-leeds-to-sword-1.1050712. Retrieved September 2, 2010. 
  13. ^ "Rangers 1-1 Inter Milan". The BBC. December 6, 2005. http://news.bbc.co.uk/sport1/hi/football/europe/4494912.stm. Retrieved September 2, 2010. 
  14. ^ "Zenit St Petersburg 2-0 Rangers" BBC Sport. 14 May 2008.
  15. ^ "Desmond leads Old Firm push to move south" The Telegraph. 12 May 2002.
  16. ^ Rangers chief is fully aware he has made errors, but he defends his running of club, The Scotsman, 16 January 2009
  17. ^ Graham Spiers (August 1, 2007). "Murray’s moonbeam vision doomed to destruction right from the outset". London: The Times. http://www.timesonline.co.uk/tol/sport/football/scotland/article2176234.ece. Retrieved April 10, 2011. 
  18. ^ a b Ron McKay (August 8, 1999). "Rangers' future in hands of bank". The Sunday Herald. http://findarticles.com/p/articles/mi_qn4156/is_19990808/ai_n13941344/. Retrieved April 10, 2011. 
  19. ^ "Findlay songs inquiry launched". BBC. June 9, 1999. http://news.bbc.co.uk/1/hi/sport/football/scottish_premier/357392.stm. Retrieved April 10, 2011. 
  20. ^ "ENIC will prove perfect friend say Rangers". London: The Telegraph. December 24, 2000. http://www.telegraph.co.uk/sport/football/leagues/premierleague/tottenham/2995207/ENIC-will-prove-perfect-friend-say-Rangers.html. Retrieved April 10, 2011. 
  21. ^ "ENIC to sell Rangers stake". BBC. February 9, 2001. http://news.bbc.co.uk/sport1/hi/football/1161408.stm. Retrieved April 10, 2011. 
  22. ^ a b "Murray returns as chairman" BBC Sport (27 August 2004)
  23. ^ Michael Grant (October 25, 2009). "Smith admits bank controls Rangers". The Herald. http://www.heraldscotland.com/sport/spl/rangers/smith-admits-bank-controls-rangers-1.928364. Retrieved April 10, 2011. 
  24. ^ "Lloyds in lifeline deal with MIH". BBC. April 30, 2010. http://news.bbc.co.uk/1/hi/scotland/glasgow_and_west/8654171.stm. Retrieved April 12, 2011. 
  25. ^ "Rangers chairman Murray quits". BBC. July 5, 2002. http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/2097550.stm. Retrieved April 10, 2011. 
  26. ^ "Rangers to raise £57m". BBC. September 1, 2004. http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/3617590.stm. Retrieved April 10, 2011. 
  27. ^ David McCarthy (April 1, 2011). "Rangers fans split over outgoing owner David Murray's legacy at Ibrox". Daily Record. http://www.dailyrecord.co.uk/football/spl/2011/04/01/rangers-fans-split-over-outgoing-owner-david-murray-s-legacy-at-ibrox-86908-23030165/. Retrieved May 7, 2011. 
  28. ^ "Murray hints at end of Ibrox era". BBC. July 13, 2006. http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/5176700.stm. Retrieved April 10, 2011. 
  29. ^ "Murray relinquishes Rangers role". BBC. August 26, 2009. http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/8223058.stm. Retrieved April 10, 2011. 
  30. ^ Roddy Forsyth (June 15, 2010). "Rangers are no longer for sale, says owner Sir David Murray". London: The Telegraph. http://www.telegraph.co.uk/sport/football/leagues/scottishpremier/rangers/7831126/Rangers-are-no-longer-for-sale-says-owner-Sir-David-Murray.html. Retrieved April 10, 2011. 
  31. ^ "Rangers confirm club being investigated over tax issue". BBC. April 28, 2010. http://news.bbc.co.uk/sport1/hi/football/teams/r/rangers/8647085.stm. Retrieved April 10, 2011. 
  32. ^ a b "Regulatory Story". London Stock Exchange. May 6, 2011. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=10859193. Retrieved May 6, 2011. 
  33. ^ a b "Former Rangers owner David Murray to open 'new chapter' in his life by marrying fiancee Kae Tinto". The Daily Record. May 10, 2011. http://www.dailyrecord.co.uk/news/editors-choice/2011/05/10/former-rangers-owner-david-murray-to-open-new-chapter-in-his-life-by-marrying-fiancee-kae-tinto-86908-23119917/. Retrieved May 10, 2011. 
  34. ^ "Coulthard survives plane crash". BBC. May 3, 2000. http://news.bbc.co.uk/1/hi/scotland/734358.stm. Retrieved April 10, 2011. 
  35. ^ "2007 honours list". BBC. December 30, 2006. http://news.bbc.co.uk/1/hi/uk/6217693.stm. Retrieved April 10, 2011. 

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