Murray claims Rangers are not panic selling

(PA)

The Rangers chairman, Sir David Murray, insists offloading players is not a sign of panic. He has come in for criticism since it became clear the club were willing to sell key players to ease their debt after accepting Birmingham's £3.75m offer for Kris Boyd.

"We are no different from any other business," he said. "Our static overheads are too expensive and we have less revenue. The club must be run professionally and financially correct. Yes, we could continue to spend money but we would develop more problems and the club would not be in a good condition.

"What I'm doing is not panicking. It is a controlled management of the club. I spoke to Walter [Smith, manager] and confirmed the need to bring in funds to compensate for the fact we are going to make a loss this year."

Despite indicating he would be comfortable with losing up to 10 members of his first-team squad, Smith has only seen Chris Burke and Jean-Claude Darcheville move on this month. Boyd rejected Birmingham's offer and Wolves pulled out of a deal to sign Alan Gow after a medical. With midfielder Brahim Hemdani picking up big wages despite not featuring, Rangers fans fear a big-name player will be sold before the transfer window closes on Monday evening.

Murray said: "As a Rangers fan I can understand why people are questioning why we are doing it, but it's not just about the short term, it's about the long-term financial stability of the club."

Among the 17 accusations made when the Rangers Supporters' Trust launched their "We Deserve Better" campaign was that the club's youth policy had failed, but Murray insists Rory Loy and Jordan McMillan could follow 17-year-old John Fleck into the first team once they return from loans.