The former owner of Rangers FC, Sir David Murray, has publicly apologized for his role in the financial calamity that led to the club's downfall over a decade ago. In a candid interview with the BBC, Sir David expressed deep regret over his decisions and extended his apologies to the fans and staff of the club.

The Financial Crisis

Sir David Murray, who sold Rangers for a mere £1 to businessman Craig Whyte, was at the helm when the club issued £47 million in tax-free loans to players and staff between 2001 and 2010. Under Whyte's ownership, Rangers went into liquidation in 2012, just a year after the sale. This period marked one of the darkest chapters in the club's storied history.

The Big Tax Case

At the heart of the financial turmoil was the infamous 'big tax case,' which revolved around the club's use of Employee Benefit Trusts (EBTs). These trusts allowed Rangers to pay £47 million to players, managers, and directors in tax-free loans. HMRC contended that these payments were earnings and should be taxed. Although two tribunals initially ruled in Rangers' favor in 2012 and 2014, the Supreme Court ultimately sided with HMRC in 2015.

The Aftermath

The financial meltdown had a profound impact on Rangers and its fanbase. Years later, Craig Whyte was charged and acquitted of fraud in relation to his takeover of the club. Sir David Murray, reflecting on the period, admitted that he was placed in a difficult position and expressed hope that, in hindsight, people would understand the complexities of the situation.

Legacy and Reflections

Sir David Murray's tenure at Rangers was not without its successes. Under his ownership, the club won 15 league championships and 20 domestic cups. However, the financial decisions made during his time have left a lasting mark on the club's history. In his autobiography, 'Mettle,' Sir David delves into these events, offering a personal account of the challenges and controversies he faced.

Moving Forward

As Rangers continue to rebuild, the lessons from this period remain crucial. Sir David's apology serves as a reminder of the importance of financial prudence and transparency in football. The club's journey from financial ruin to recovery is a testament to the resilience of its fans and the enduring spirit of Rangers FC.