Murray said Rangers spent more than they intended this summer

Speaking at the club's AGM, Sir David said manager Walter Smith has spent �12.9m in summer transfers - more than the �7m originally made available.

The Ibrox chairman also reiterated his desire to sell his stake in the club.

A Rangers fan will be democratically elected to sit on the board by the next AGM, Sir David added.

The Rangers chairman said he had been reinvigorated by the return of Smith for his second spell as manager of the SPL club.

We have spent over �10m on the team and that was over the budget Sir David Murray

The 54-year-old entrepreneur, who bought Rangers for �6m in 1988, said the club spent more than it intended because it wanted domestic success.

"When Walter came back in January he asked what the budget would be for the summer," said Sir David.

"We believed that the amount required was �6m or �7m. We had already spent a few million on Kevin Thomson and David Weir - although he came free, there were agents' and signing-on fees etc.

"We spent �12.9m and we brought in just over �2m.

"So we have spent over �10m on the team and that was over the budget. We have overspent because we want to win."

The Rangers chairman also said he would only sell to someone who could take the club forward.

"I do wish not to do this for the rest of my life," he told the club's 108th AGM. "It has been an honour to be chairman, but this is my 19th AGM, I've never missed a board meeting, rarely miss home games and I have a huge business to run.

Walter Smith (left) said he was still looking to strengthen his squad

"I would only consider selling the club to someone who could maintain or increase the level of support that I have given the club over my period of 20 years."

The aquisition of Daniel Cousin and Steven Whittaker took Rangers' summer spending to almost �13m.

Smith has a first-team squad of 27 players, but told the AGM he was looking to further strengthen.

"With the under-21 rule in place that means we need to rotate the squad or try to achieve a balance in terms of making sure players get the required number of games," the Rangers boss said.

"So, having a huge squad of players is not of major benefit to us.

"We would obviously like to add one or two players before the end of the transfer window as there are a couple of positions where I feel we are a bit light.

"Sebo and Ian Murray are now gone and a few others may go within the week."