Murray has come in for strong criticism since it became clear Rangers were willing to sell key players to ease their debt after accepting Birmingham's £3.75million offer for top scorer Kris Boyd.

However, Murray insists his "controlled management" is designed to protect the club's long-term future amid the economic downturn.

And he urged "mischievous" supporters to back his plans.

"We are no different from any other business," Murray said. "Our static overheads are too expensive and we have less revenue.

"We had to take these things into consideration because 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.

"I genuinely believe that the plan we put in place when (manager) Walter (Smith) came back has been knocked off course by a couple of factors in a very, very difficult economic climate.

"What I'm doing is not panicking. It is a controlled management of the club.

"We have a financial facility with the bank and we must work within that framework.

"I spoke to Walter 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 the likes of 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: "When you announce that you are ready to sell, then it can happen that regular first-team players are targeted when you would rather that was not the case.

"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."

The Rangers chairman repeated his call for fans to form a united front.

"What we must not do is play into the hands of our competitors by scoring own goals in the media," Murray told Rangers News.

"This mischievous element that we have is only going to destroy the things that they supposedly care so passionately about.

"I understand that some fans have concerns but I hope they understand that I am acting in the best interests of the club, and if we stick together we can achieve our goals."

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 the likes of Rory Loy and Jordan McMillan have a chance of following 17-year-old John Fleck into the first team once they return from loan spells.

He added: "We have John Fleck, Jamie Ness and Danny Wilson now knocking on the first-team door and they are undoubtedly part of our future.

"Murray Park is now bearing fruit. People have complained about our youth system but it takes time to work.

"We have never had so many players out on loan and we have never had so many promising young players."