Boyd scored a double against Inverness on Sunday

Rangers manager Walter Smith says he would not have to sell any more first-team regulars if Kris Boyd is sold during the January transfer window.

A near £4m move to Birmingham collapsed after the striker rejected personal terms, but other English clubs are believed to be interested.

"I think that the chairman has made it quite clear," said Smith.

"If we sold a player, Kris Boyd or any other, there would be no need for us to sell anybody else."

Smith was responding to comments made by Rangers chairman Sir David Murray in The Herald newspaper.

Murray explained that he would have preferred to sell fringe players in order to balance the books at the Glasgow club.

If the Boyd deal does go through then there would be no necessity for us to sell any other player Rangers manager Walter Smith

But he said it was his decision to sanction the sale of the club's top scorer because Birmingham's offer would help reduce Rangers' £25m overdraft.

Rangers captain Barry Ferguson, defender Madjid Bougherra and goalkeeper Allan McGregor have all been linked with English Premiership clubs.

But Murray stated that he had "no intention" of selling those three and that he was considering an extension to midfielder Ferguson's contract, which still has 18 months to run.

"That was clear in the articles he did this morning," said Smith about the possibility of other big-names leaving Rangers.

"So if the deal does go through then there would be no necessity for us to sell any other player."

Smith went on to tell Rangers' website it was still possible that Boyd could remain at Ibrox.

"If they can't agree on the personal aspects, that is exactly what will happen," he said.

Murray said that losing to Kaunas and missing out on money generated by progress in either the Champions League or Uefa Cup meant that Rangers could not sustain their present size of squad.

Smith recently hinted that up to 10 players could leave Ibrox by the summer and striker Jean-Claude Darcheville has already left for French club Valenciennes, while winger Chris Burke is expected to have a medical Cardiff City.

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