Murray was addressing Rangers' annual general meeting

Murray has slashed the club's debt from over �70m to under �6m in less than two years and has vowed to remain investing in a prudent fashion.

"Do we want to go down that road again?" he asked shareholders. "We can only spend the money that we generate.

"I am not prepared to take the club down the road to ruin again. I must run the club correctly."

New manager Paul Le Guen has drafted in several new players over the summer but has had to work within a limited budget.

Some fans had hoped that the �18m received from sports retail company JJB in June would be used to strengthen the squad.

"We made a small profit last year and that money was spent on new players, but I never offered Paul Le Guen a pot of gold," added Murray.

It's important to have Scottish players and we have good Scottish players Paul Le Guen

The chairman went on to stress that Rangers must do all they can to eradicate sectarian chants at matches.

Murray said the bigoted songs bring shame to the club but that there had been a massive improvement.

Le Guen was also at the agm and was quizzed on his signing policy by a shareholder concerned by the number of foreigners in the squad.

But the Frenchman assured those present that his team would retain its Scottish identity.

"We will carry on following the European games but I watch many, many games in Scotland too," he said.

"It's important to have Scottish players and we have good Scottish players - our captain (Barry Ferguson), Burkey (Chris Burke), (Steven) Smith and (Alan) Hutton.

"We must carry on in this way."