Murray sanctioned Boyd sale

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Boyd, 25, looked to be on the verge of a move to Birmingham on Wednesday night although reports on Thursday suggest the move has stalled over personal terms.

Murray said: "I want to square the books and it was my decision to do so, with the approval of the manager, whether it involved Kris Boyd or anybody else."

He added: "There has been no pressure from the bank, none whatsoever; how can there be if we do not know who is taking over HBOS?

"Kris Boyd has been a debate for years but you are not always able to dispose of a player you want to when you want to.

"We need to get the costs down and with the greatest respect, even if we kept Kris Boyd I do not think there would be any guarantees this season."

Captain Barry Ferguson, goalkeeper Allan McGregor and defender Madjid Bougherra have all been linked with a move to Newcastle.

But Murray added: "We have no intention of selling Allan McGregor, Barry Ferguson, Madjid Bougherra or anybody else. There is no pressure to do so from me or the banks.

"Rangers have to be run on a sound fiscal basis.

"We did not budget for losing to FBK Kaunas, we have a squad of 28 players and we simply cannot sustain the level of outgoings compared to what is coming in. We are paying between £5m and £7m in wages per year for players who are not required."