Paul Murray has lambasted the Ibrox regimes of recent years and insisted they should be ‘ashamed’ of the damage inflicted on the club. The interim chairman spoke out as Rangers announced they had accepted a £1.5million loan from the Three Bears consortium — cutting off any prospect of drawing down a second £5m advance from Mike Ashley’s Sports Direct firm. Douglas Park, George Letham and George Taylor are lending the money without any security, interest or fees. Paul Murray is angry at decisions made by previous board at Rangers . The new Ibrox board say they will use the cash to keep the club functioning while they finalise a ‘medium to long-term’ funding package for their rebuilding plans. Dave King is expected to play a significant financial role at that point, having temporarily stepped back as he seeks to prove to the SFA that he should be deemed ‘fit and proper’ to become chairman. Murray is filling the role for now and — in conjunction with fellow directors Park, John Gilligan and John Bennett — has been analysing the various contracts inherited after taking control on March 6. He has now castigated decisions taken by the former board — which comprised David Somers, Derek Llambias, Barry Leach and James Easdale — and those who preceded them in the wake of Craig Whyte’s ruinous reign. ‘Many of the people who have occupied the Ibrox boardroom during that period should be ashamed of themselves for the parts they played in dragging this great institution towards near financial ruin,’ said Murray. Dave King (right) is expected to play a significant financial role at Rangers . ‘It is actually difficult to look closely at the club’s finances and understand the rationale behind some of the decisions taken. ‘Let me give just two examples of the recklessness displayed by those who were removed from office just more than two weeks ago. ‘One is the amount — in the region of £300,000 — spent on a needless General Meeting and the other is the signing of five Newcastle loan players without medicals. This is simply appalling.’ Manager Stuart McCall confirmed last week that at least two of the five imports from Tyneside were unlikely ever to play for Rangers. Murray thanked the ‘commitment’ shown by the Three Bears and said the board hoped to unveil their next financial step ‘in the coming weeks’. King has previously estimated he would put forward approximately 50 per cent of the funds required to restore Rangers. Stuart McCall claimed his first win as Rangers boss at the weekend . Addressing investment by the South Africa-based businessman, Murray added: ‘He is not doing so at the moment because, as we have said, we respect the processes of the SFA and must wait until they have completed their review of Dave’s status before he can fully participate in the future of the club. ‘After that, we will be inviting him to invest alongside the gentlemen who have just provided today’s facility and others who are also willing to invest. ‘We can and we will rebuild the club and this £1.5m investment is stage one of the process.’ The previous board agreed a two-stage £10m loan from Sports Direct, which gained 75 per cent of the club’s retail operation and various securities in return. ‘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 Sports Direct’s £10m loan,’ said Murray. ‘We are still in the process of reviewing all of the contractual relationships that Sports Direct has with the club.’ Meanwhile, Scotland assistant boss Mark McGhee has told the Rangers board that McCall is the right man to be their long-term manager. ‘I suspect they will find they have a fantastic character in Stuart and will make him the permanent manager,’ he said.
Rangers have accepted a £1.5m loan from the Three Bears consortium . Interim chairman Paul Murray has lambasted regimes of recent years .