Latest figures show that the Ibrox club lost �9m in the last six months.

Murray said they can no longer afford to spend more than they earn.

And he told the club's official website that Alex McLeish would only be given cash to spend on new players if current squad members are moved on.

The Ibrox supremo said he wants the club to break even in the coming season and has plans in place to make sure that happens.

But there is good news for Rangers fans - Murray has frozen season ticket prices at Ibrox for the coming season.

Murray told rangers.co.uk: "We cannot continue to spend money the way we have been, although they have been exceptional times having spent so much on players and built the training ground, for example.

"I believe, given that we will be selling our own strips direct, we can have a turnover of �18m next year on this side of the business alone," he added.

Transfer funds

Murray has estimated that with players leaving the club they will cut in the region of �3m from the current wage bill and was quick to reassure fans that funds will be made available to McLeish for new players.

"What I will say is that any player who goes for any value then Alex will be given the money to go out and buy another player," he said

"The good thing is that we have tied down all our key players on long contracts, which cost us �8m, and that secures the long-term future.

"These players are all worth about �20m but you don't see them on the balance sheet - we have to write them off.

"Equally, we don't even know what the media deal will be for next season," he added.

Murray has also pledged to pour in more of his own money if necessary, but he knows that Rangers have to be more prudent given the current climate in football and insists that the club cannot continue to be net spenders.

He concluded: "We have responsibilities to manage the club and we have to ca' canny. We can't be net spenders, it is unsustainable."