David Murray is considering a rights issue at Ibrox

A decision will be taken when the results of a three-year business plan are known at the end of 2005.

"We will have to do a substantial rights issue, of which I would subscribe for my fair share," Murray told the Financial Times.

"We need to regroup, refinance and get the club on an even keel, and I have never denied that is a responsibility."

Murray, who has invested some �40m in Rangers, including the �6.5m he paid to buy the club 16 years ago, added: "We have got the club trading pretty level now.

"We have got a tremendous stadium at �100m, a training ground, a playing squad - assets of �150m - but there is a rump of debt that will eventually have to be attacked."

Steel magnate Murray said he has been able to shelter Rangers from the worst of what he called "the cyclical downturn of football.

"If I did not have a trading company that is making money, the bank would look on it differently," he said.