Point taken regarding the optics, it does look very bad for them.
I would however argue that the reason why the case is so dodgy even within a normal business environment - and why the SNP investigation is different to that surrounding City - relates to the essentially ring-fenced, non-fungible, nature of the 667k provided.
The onus is therefore clearly on Murrell to prove how the 667k - again, distinct from other donations provided to meet day-to-day funding requirements - was used, or indeed where it was moved to if it hasn’t already been spent. The loan provided by Murrell, and importantly the failure to disclose the loan at the time, merely increases the need for an explanation. I would expect that only a very small number of people exercised control over the ring-fenced funds and so I still find it difficult to believe that it would take nearly two years of genuine investigation to determine the facts. Indeed, the manner of the Treasurer’s resignation and the personal loan provided - kept secret at the time of course - suggests that the Murrells may have had sole control.
In City’s case, the club will argue that all of its revenue is fungible from a regulatory perspective, that this revenue has been signed off as such by the auditors, and it’s therefore up to the club how it spends it as long as losses do not exceed a pre-determined amount.
That’s my argument in any case, for what it’s worth. At the very least it’s good to see the communication between Sturgeon and the police facing some scrutiny this morning, as I don’t believe for one moment that she didn’t know the house call was imminent.
In fairness I haven't followed the detail, but I agree it needs fully investigated and concluded either way.
For what it's worth, I have a good few friends that have in fact donated to that pot. Not one of them is bothered how their money is used, currently at least, as long as it ultimately gets used on the referendum or even pursuit for independence in some other form. Which is one thing you can probably fully expect the snp to do. One described it as giving money to his new niece for her first school uniform. Then watching his brother spend it on clothes she needs now. He's not pissed off because he knows she'll still get a uniform when the time comes.
The big issue might be if it turns out they have embezzled the money or took it out the fund for personal use. But if they can justify the funds being used on a long term strive for a referendun (i.e legal costs of challenging Westminster's stance in court etc), then there will be nothing to see there other than juicy headlines. Till then, it is likely of interest more for the opposition, than the public.