Rangers chairman David Murray insists his club have to leave Scottish football after posting an operating loss of £16.3 million sterling for 2001.

The loss for the year includes the net charge for player registrations of £8.5 million. Borrowings resulting from investment in players and the new training complex at Murray Park are largely arranged as long-term debt.

But Murray maintains a move away from the Scottish Premier League will help the club develop financially.

He said: "This year has seen our highest spend ever - taking into consideration player acquisition, contract extensions and the new training ground. Including recent player movements, our total investment exceeds £40 million.

"Poor financial results over three years confirm what has been emerging for some time - football in Scotland as we know it cannot sustain our present ambitions."

Murray believes the time is right for action on moving into the English Premiership.

"Recently, there has been a growing debate on the concept of joining the FA Premiership," he said. "We certainly see this as a possible solution, addressing many of the issues facing us.

"In addition, it could bring significant potential benefits for the game in Scotland which - while showing improved audience ratings - currently suffers from a growing imbalance in competition.

"There would be many hurdles to overcome before such change could come about, but we stand ready to explore this avenue should the opportunity arise.

"The 'status quo' is quite simply not an option for our club.

"As chairman, I am responsible for the overall direction of the club and as such I must plan for long-term stability in addition to meeting our short-term aspirations.

"I am confident that we are in good shape, both on and off the park, to meet the challenges of the future and ensure the continuing success of the club."

Murray sees continued investment for the long-term success of the club as a key trend.

Significant investment in new players, extending contracts and the development at Murray Park are crucial - with the new training facility seen as a key part of the club's strategy to help develop home-grown talent as well as benefiting the first team.

Turnover for the period fell to £47 million from £51.7 million. There was also a reduction in ticket income because of a one-off special discount given to season ticket-holders and the team's early exit from the Scottish Cup.