The former Gers director was defeated in his bid to win a seat on the Ibrox board yesterday as he and fellow Requisitioners Malcolm Murray, Scott Murdoch and Alex Wilson failed to win enough backing from the club's shareholders.
All five members of the Light Blues board will remain in place after a fiery AGM, and Murray, who was vociferous in his condemnation of former Ibrox chiefs Craig Whyte and Charles Green, will now assess his options.
He said: "What people on the outside don't realise is how complex this situation is, and it's all played out in public.
"The whole thing has taken its toll in the last few years as we strove to get everything out into the open. Some change has been made, but further change is required.
"I've tried on several occasions to help the club, and if people don't think I can do that then maybe I have to accept that. It might be better for the club if I step aside. I'll do what's best for the club and myself."
Murray and Co have spent several months trying to force change in the corridors of power at Ibrox and, despite seeing Green, Craig Mather, Ian Hart and Bryan Smart leave the club, they were unable to win sufficient backing of investors.
Rangers posted a £14million loss for the last financial year and Murray fears the club will be under-prepared for their eventual return to Scotland's top flight, which could happen in 18 months' time.
He said: "Graham Wallace is a pretty credible chief exec. He has football experience. He effectively said that the cost base will have to come down between now and the SPL entry, which in layman's terms means they will be spending less on the team than they have been up until now, which I think raised a few eyebrows because the team is going to have to be competitive in the SPL and obviously challenge Celtic.
"The other thing I was disappointed not to have answered more clearly was how much cash will be left in the spring. Brian Stockbridge has said it will be £1m, but they didn't answer that question."
None of the four-man group of hopefuls got close to winning a place at the Ibrox top table as they polled around one third of the share-holder vote.
Isle of Man-based Laxey Partners switched their allegiances to back the board and former chairman Malcolm Murray has fears over the Gers' largest stakeholder's intentions.
He said: "Laxey are not a long-term institution. They tend to be on the asset-stripping side and as a Rangers fan that's terrifying. The one thing Rangers do have is significant property assets.
"Laxey aren't known for long-term investments and that does concern me no end."