The club's star defender, the reigning Clydesdale Bank Premier League and Scottish Football Writers' Association player of the year, joined Aston Villa this week after just one season at Ibrox.

Villa activated a clause in the Spaniard's contract, which allowed him to leave for £7.8million.

The player rejected vastly improved personal terms to stay put following Rangers Champions League exit to FBK Kaunas.

Murray and his fellow administrators have come under fire for allowing Cuellar, who turns 27 next week, to negotiate a sell-on fee when he joined the club last summer.

Some fans have demanded resignations over the issue and there are rumours of protests at Saturday's home game against Hearts, but Murray insists he has done nothing wrong.

He told the club's official website, www.rangers.co.uk "I know there have been a lot of questions asked: 'Was he forced out the door?' etc, etc.

"But the clear fact is we sent out on the website an honest statement by the chief executive (Martin Bain) explaining the situation.

"But then people want to read into it and put their own twist on it; there's not a lot we can do."

Murray added: "People are putting that on websites, knowing there's no truth in it at all but just endeavouring to cause mayhem."

Murray reiterated his vow to spend the money from the Cuellar sale on reinforcements for Walter Smith's team.

But he pleaded for patience, insisting the Spaniard's departure had come out of the blue and the club needed time to find an adequate replacement.

Murray said: "We're disappointed to lose Carlos but, as I said the other day, we'll take the money and spend it hopefully wisely in the short term.

"But it would have been a lot better if we'd known this two or three weeks ago.

"Then we would have had some more time, rather than rushing around trying to get a replacement.

"We accept that's football but we must get on with it."

He added: "We promised we'd spend the money. We will do, but what we mustn't do is think we've got to sign every player by Saturday and put ourselves under pressure.

"I can give the fans our assurance we're all working around the clock."

As for flak directed at himself, Murray said: "That goes with the title (of chairman).

"If I've genuinely done something wrong, I'd want the criticism but I'd like to know what I could have done differently.

"Regretfully, I'm judged on football results. But as we reach a very difficult financial era in business and in life in Scotland, what is important is we run the club fiscally correct and that is what we intend to do.

"We were criticised in the past when we spent too much money and took too many risks.

"And now we're trying to run it economically correctly, we're still being criticised.

"But I think as a chairman, when you've been here for 20 years - which is far too long for any one person to be at a football club - the question marks are answered.

"In my heart of hearts, I know collectively that all of us have done our best.

"We're not intending to sell any of our players. We were forced into that situation.

"I genuinely believe that contract we gave Carlos Cuellar was a very good bit of business at the time."

The Rangers chairman added: "I'm told people phone in and say, 'Murray must go'.

"It's obvious one day I have to go. My family would love me to go.

"But I'm not going to leave this club until I'm sure there's somebody to take it on and it's in safe hands. That's the end of the story.

"I read all this stuff about people could do this and do that.

"You know what, maybe someone should come up to the mark and put their money where their mouth is and perhaps we could then talk."

Responding to Murray's address, David Edgar, spokesman for the Rangers Supporters Trust, told PA Sport: "We've heard it all before.

"It appeared to be a holding interview and the chairman has been clearly stunned by the anger created by Cuellar's departure.

"He said the most important things was three points against Hearts on Saturday but the malaise runs much deeper than that.

"Sadly, I still believe there will be protests on Saturday. The RST are not in favour of it and will not encourage it but I can see something unorganised happening."