Rangers chairman David Murray believes the club’s financial worries could be a thing of the past after raising £51.4m from a rights issue.

Although Rangers are still almost £23m in debt, Murray said the club was on course to clear it’s deficit without recourse to sellling players.

“It now means we are in a position where we don’t need to sell any of our players,” Murray was quoted as saying in British newspapers on Tuesday.

“But if we do sell any players, the money will immediately be given to (manager) Alex McLeish for replacements.”

The money was raised from the issue of shares sold at one pound each, with Murray’s company MHL (Murray Holdings Limited) underwriting more than £50m of the total.

Murray now owns 91.8 percent of the issued share capital in the club.