Rangers have taken a huge step towards eradicating their mammoth debt by raising £51million through a rights issue.
The club's accounts for the year ending June 30 2004 revealed how debt had spiralled to a record £73.9m despite cost-cutting measures being put in place.
Murray MHL Limited, a company controlled by Gers chairman David Murray, took its rights to 11,785,479 and subscribed for a further 38,489,521 shares - a total commitment of £50,275,000.
The total number of shares owned by Murray now represents 91.8% of the issued share capital.
Murray announced his intention to raise up to £57m through the rights issue when he returned as executive chairman at the beginning of September, following a two-year absence from the day-to-day running of the club.
He also revealed at that time that up to £50m of the rights issue would be underwritten by his own company.
Existing shareholders would be able to match their shares one for one and the results of that rights issue were announced today, with £51,430,995 being raised through the issue of shares sold at 100p each.
Murray believes the financial future of Rangers now looks far more optimistic as a result of today's outcome.
He said: "I am delighted by this response. It was our intention to have a share issue that was open to all our shareholders and supporters.
"The number of existing and new shareholders that have subscribed means that we have achieved this objective," he added.
