David Murray (Scottish businessman)

Sir David Edward Murray (born 14 October 1951) is a Scottish entrepreneur, businessman and former chairman of the 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 distribution, mining and property development. Murray is perhaps best known for his ownership of Scottish football club Rangers F.C., which he purchased for £6 million in 1988. While owner, the club won 15 League Championships and 20 Cups. Murray stepped down as chairman in 2009, and was replaced by Alastair Johnston. Born in Ayr on 14 October 1951, Murray was educated at Ayr Academy, Belmont High School, Fettes College and Broughton High School. By the age of 23 Murray had formed Murray International Metals Limited, which was to become a leading distributor of structural steel. Subsequently, the Murray Group of companies grew with some saying it became 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. The global recession of 2007–2008 impacted on the companies' growth and in September 2009 the group registered a loss of some £226 million following a write-down in the value of much of its property portfolio. Over the following years the group's losses continued as it struggled to bring down its debt with asset sales and debt-for-equity swaps by its bankers (the part publicly owned Lloyds Bank through its HBOS subsidiary). Murray is currently the chairman of Murray Capital, a private investment company which is wholly owned by the Murray family.