DAVID MURRAY jnr today insisted his father's company are still in charge of Rangers.

He claimed "frustration" prompted Walter Smith's observation that Lloyds Banking Group are now running the club.

Smith has refused to elaborate on his weekend revelation, but as we reveal today, the manager is seething that the bank have contradicted him by putting out a statement claiming they are not in control of Rangers.

Murray's son, managing director of the Murray Capital investment arm of Murray International Holdings who own almost 90 per cent of Rangers, says the club and Lloyds Banking Group are united in their search for a new owner.

"The bank are going to continue to support the club until such time as we find somebody to buy the club," said Murray. "That is what we are trying to do.

"What they are trying to get towards is a sustainable business plan and so are we if we can find someone who wants to buy the club.

"We have said that for a long time. Walter's comment came from a little bit of frustration.

"My father doesn't have anything to add to what has been said. As we stand, there are no firm offers for the club. It is business as normal."

In their most recent accounts, Murray International had a net debt of £760m, of which £704m was from bank loans, with £432m payable within one to two years.

Lloyds now own an 11.4 per cent stake in Murray International, but Murray jnr says that has no bearing on the situation at Rangers.

"They are separate issues," he said.

"This is a separate matter to do with Rangers, there is nothing to say at this stage about Murray International. There is no direct correlation."