SPL: Rangers deny Ferguson is leaving

Rangers chairman David Murray insisted that £12m-rated captain Barry Ferguson would not be sold while the club were still in Europe.

Murray was reacting to reports that the 23-year-old wanted to move to the FA Barclaycard Premiership, with Leeds United named as the most likely destination.

It had even been claimed that Ferguson had already been looking at houses in West Yorkshire.

But Murray insisted: "Barry Ferguson is going nowhere. We have got to win the next few matches and do you think we would actually consider selling our captain and one of our better players before we play Feyenoord? I think not."

Rangers take on the Dutch club in a two-legged Uefa Cup fourth-round tie in February, with the winners set to play Leeds in the quarter-finals.

Murray was speaking after the club's annual meeting, at which new director of football Dick Advocaat revealed a £12m price tag had been put on Ferguson's head.

Murray also insisted that Advocaat had committed himself to another two years at the club. The Dutchman had expressed concerns that he might not be able to cope with being away from the training ground and had inserted a summer get-out clause in his contract.

Murray was adamant that the club were not in financial trouble despite heavy debts and debate over the exact amount owed.

He insisted: "The basic debt of the club is £21m - end of story. Leases, bonds - they are liabilities that could or could not happen in the future, but the basic overdraft of the football club at the year end was £21million and the majority of that was caused by the new training ground.

"I'm comfortable with that, the shareholders are comfortable with that and the club off the pitch is in a tremendous structural position. All we have to do now is to start winning games again."

The consolidated cash flow statement showed a net debt of almost £52m on June 30 compared to £9.5m 12 months previously. The club also appeared to owe £25m over the next 12 months with an additional long-term debt of another £36m due to be paid over the next one to five years.

The meeting was not without dissenting voices, with one shareholder telling Advocaat that his transfer record was so "shocking" it made him "embarrassed to be a Rangers supporter".

Advocaat stood accused of spending millions on questionable purchases Tore Andre Flo, Bert Konterman, Fernando Ricksen and Marcus Gayle, while at the same time selling fans favourite Jorg Albertz.

Advocaat retorted that a profit had been made on the Gayle deal as the striker was soon sold to Watford. He added: "Giovanni van Bronckhorst was bought for £4million and sold for £8m. Barry Ferguson cost nothing and is now worth £12m."