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 Posted by ESPN Staff
Mar 12, 2012

Murray sheds light on Blue Knights

Former Rangers director Paul Murray has revealed some of the backers who are involved in his Blue Knights consortium and explained his reasons behind collaborating with Ticketus.

Murray said on Friday night that Ticketus, whose money allowed Craig Whyte to complete his takeover, were backing his consortium along with the main supporters' groups.

And on Monday, Murray revealed that motoring tycoon Douglas Park was among those who have expressed interest in his group, along with two London-based businessmen - fund manager John Bennett of the Henderson Group and property adviser Scott Murdoch of CWM.

Murray added in the Daily Record: ''There are still discussions taking place with a number of other individuals and, over the next few days, they too will become known to the Rangers supporters. The make-up of the group is not final but it is beginning to become clearer.

''As I have said before, there is room for anyone else who wishes to step forward. We need individuals with money and ideas who can help move Rangers forward.''

The decision of Murray and fans to combine with Ticketus was something of a surprise given the firm's association with Whyte's takeover.

Their £24.4 million cash injection for the rights to sell season tickets was used by Whyte to pay off the £18 million bank debt he had pledged to settle himself.

The firm's entitlement to those tickets could yet be the subject of a legal battle. Sources close to Ticketus insist they have sound legal advice from Scottish and English lawyers saying their contract is valid, however the club's administrators are thought to have a different view. However, Murray argued that Ticketus, as the largest stakeholder in the club, have a ''complete alignment of interest'' with his group to see Rangers survive and prosper.

He added: ''There are two parties involved as creditors - HMRC and Ticketus - and the last thing the club needs right now is any kind of long legal battle. If we can move forward with Ticketus we can proceed in the best interests of the club. That would mean Ticketus would not be involved in any CVA agreement that we hope to reach with HMRC.''

Murray revealed that Ticketus would back his group's cash offer and provide working capital until they completed a fans' share issue. They would also restructure the original deal with Rangers to provide more favourable repayment terms and would not own shares in the club.

Murray also insisted he was not on an ''ego trip'' after joint administrator Paul Clark said they wanted to see people who have been doing a lot of talking ''put their money where their mouth is''.

Clark revealed there were potential bidders from the Far East and America and further meetings are planned with interested parties this week.

Administrators Duff and Phelps have set Friday as the deadline for first indicative bids, which must include ''absolute proof of funding''.

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