Murray returns to Rangers hotseat

Rangers today confirmed owner David Murray has returned as executive chairman.

Murray relinquished the post two years ago and adopted the role of honorary chairman, while John McClelland took over the day-to-day running of the club.

McClelland will remain on the Rangers board as vice-chairman.

The board also announced their intention to raise up to £57m (€84m) by way of a rights issue which will be underwritten by Murray International Holdings Limited - the principal shareholder of which is David Murray – up to a level of £50m (€73.8m).

The rights issue means that existing Rangers shareholders would be given the opportunity to purchase one new share at a price of £1 for each existing share they already held.

The board are also looking into the possibility of enabling those shareholders to apply for extra shares.

Those who do not already hold any shares in the club could be given the chance to buy shares under the rights issue.

The news comes just a few days after Murray announced to the Ofex Stock Exchange that through his Murray MHL Limited company, he had bought out the 20% stake held by ENIC for a cost of £8.7m (€12.8m).

That raised his stake in Rangers to more than 86% and he believes such a large financial commitment meant he should take over the running of the club again.

Murray said: “Given the increased commitment being made to the club by the Murray Group – £8.7m (€12.8m) to acquire ENIC’s shares together with £50million for the rights issue, I feel it is my responsibility to take up the reins at Rangers once more.”