instituted in an attempt to re-establish the club on a stable financial footing. In 1996, ENIC Group invested £40 million in Rangers. However, disagreements with Murray over transfer spending led to ENIC's Howard Stanton resigning from the club's board of directors in May 1999. ENIC announced plans to sell their 20.2% stake in Rangers in February 2001, but after failing to find a buyer they sold to Murray for £8.9 million in August 2004. In February 1999, with Rangers' debts mounting, the Bank of Scotland took a 7% stake in the club and secured a charge over the club's income and assets should it default on its repayments. In October 2009 Walter Smith admitted that the bank had taken control from Murray and that all the club's players had been available for transfer since the previous January. In April 2010 the bank increased its stake in Murray International Holdings to 24%, arranging a debt-for-equity swap after the firm suffered further huge losses. On 5 July 2002, Murray had relinquished the chairmanship and limited his day-to-day involvement in the club's running. His status as by far the club's biggest share-holder remained. On 1 September 2004, Murray announced his return to the chairmanship, and with it a rights-issue to raise £50 million with which to reduce the club's debt. In doing so, Murray also saw his shareholding in the club increase to around 90% of the total stock. Murray has claimed that he invested £100 million of his own money into Rangers while owner. Since selling Rangers, the financial management during David Murray's reign at Rangers has come under even more criticism due to the club's entry into liquidation in February 2012. Murray sold Rangers to Craig Whyte who has maintained a stance of blaming the previous regime led by Murray for the club's problems, particularly in relation to a potential heavy tax bill brought about by the use of Employee Benefit Trusts. Murray, however, has played down his role in the club's financial meltdown and also denied allegations of "cheating", in relation to Rangers' use of EBTs, taking place during his time as owner. The First Tier Tax Tribunal to decide Rangers' and Murray International Holdings' appeal against a £74 million tax bill claimed by HMRC due to the use of EBTs announced a verdict on 20 November 2012, with Rangers and MIH winning the appeal on a majority verdict. After