Glasgow City Council aproved Ranger’s plan to develop the land around Ibrox Stadium on Friday.
Rangers will transform flats into a hotel and retail outlets.
“We have a masterplan which will hopefully be of financial benefit to Rangers,” said Murray on Thursday. “The funds will go to the club, nobody else.”
“A year ago, Martin and I had been looking at Lyon’s plans as they look to build a new stadium,” Murray added.
“But, at the moment, our plan, to be quite honest, doesn’t stand up financially in this climate.
“With that said, we still have a plan to redevelop the stadium and we will do that in consultation with our supporters.”
“This is a significant step forward in an exciting project that can have a major impact in regenerating the Govan area and delivering real benefit to the whole of Glasgow, particularly in view of the Commonwealth Games coming to the city,” said a club spokesman on Friday.