Rangers chief Paul Murray SLAMS 'appalling' mismanagement of previous regime

INTERIM Rangers chairman Paul Murray has hit out at the “appalling” mismanagement of previous boards that he claims has left the club close to financial ruin.

22:30, Mon, Mar 23, 2015 | UPDATED: 22:39, Mon, Mar 23, 2015

Paul Murray WILLIE VASS

Paul Murray called the previous Rangers' management 'appalling'

His outburst came as the new-look board confirmed they would not be taking up the option of another £5million loan from Mike Ashley’s Sports Direct.

Instead, they will accept an interest-free offer of £1.5m from Douglas Park’s Three Bears consortium to see them through the coming months.

Murray claimed former chairman David Somers and Ashley’s allies Barry Leach and Derek Llambias wasted £300,000 on an EGM in March and player loan deals from Newcastle United in February, with injured duo Shane Ferguson and Gael Bigirimana not expected to pull on a Rangers jersey.

Murray said: “Many of the people who have occupied the Ibrox boardroom recently should be ashamed of themselves for dragging this great institution towards near financial ruin.

Premier League Talking Points - Gameweek 30 Round-up

It is difficult to look at the club’s finances and understand the rationale behind some decisions
Paul Murray

“It is difficult to look at the club’s finances and understand the rationale behind some decisions.

“Let me give just two examples of the recklessness displayed by those removed from office just over two weeks ago.

“In the region of £300,000 was spent on a needless general meeting and five Newcastle loan players were signed without medicals. This is simply appalling.

“We have already made it clear we are happy to engage with Sports Direct, but the board has decided against drawing down the second £5m tranche of their £10m loan.

“We are reviewing the contractual relationships Sports Direct has with the club and we hope to conclude this shortly.”

Murray also intimated that chairman-in-waiting Dave King would not invest further until the SFA complete their review of his status in a ‘fit and proper person’ hearing.