Murray, a non-executive director at Ibrox, proposed an alternative £25 million bid after reviewing the detail of Whyte’s proposal but the latter appears close to completing his purchase of a majority shareholding in the club. Murray said he still had concerns and explained why his plan was more beneficial to Rangers.
"I had an open mind on the Craig Whyte transaction but when I saw the final structure of the deal in early April, I felt that it was not in the best interests of the club,” he told the Daily Record.
"I therefore believed I had no choice but to table an alternative proposal.
"In my opinion Craig Whyte has not adequately demonstrated what his strategy is for managing and funding a negative outcome on this matter.
The director said that under his proposal, the club would have a wider ownership rather than the majority shareholding being held by one individual. He also explained that while Rangers would retain a level of debt it was within what he believed to be a "manageable level"
"My proposal would attack these issues in a very different way,” he told the newspaper. “The underwritten share issue would raise £25 million and all of the proceeds from this would go into the club.
"We would give everyone the opportunity of participating in this issue and encourage a broad ownership structure. Also, the board would renegotiate a new facility agreement with the Lloyds Banking Group to cover the existing debt which I now believe to be at a manageable level.
"Of course debts have to be paid. But Craig Whyte's offer is weighted in favour of the bank rather than the club even though we have a debt level which is more than manageable.
"That is not the right thing for Rangers and the fans need to understand why I'm saying that."