Malcolm Murray believes the continuing protests against the board by Rangers supporters will help to sway the shareholder annual meeting in favour of those standing against the incumbents.

More than 1000 fans gathered outside the main stand at Ibrox before Saturday's game against Airdrieonians and chanted "sack the board" and Murray is adamant that kind of discontent will influence shareholders.

The agm is due to be held at Ibrox on December 19, and shareholders will vote for or against the three current directors (James Easdale, Brian Stockbridge and David Somers) and four new directors nominated by the institutional shareholders (Malcolm Murray, Paul Murray, Scott Murdoch and Alex Wilson).

With two main shareholder blocks favouring either side, and holding roughly similar-sized stakes, the vote will be close run. However, Malcolm Murray is certain the growing mood of anger and resentment amongst the fans, principally at the way the money raised in last December's initial public offering of shares has been spent, will have an effect.

"We have the best team, with the interests of Rangers at heart," said Murray. "Anybody with an open mind will vote for this group. Institutions don't go public on these things, [but] they will vote the right way in terms of corporate governance. They've got an investment that they're slightly embarrassed about. They'll do the right thing to get that right.

"The fans have made their views known in no uncertain terms. In any other company, if people to that extent demonstrate to remove the board, if that was a supermarket, bank or factory, the board would walk out immediately. There's very few [fans] who aren't backing this. The fans are totally behind transparency. That's what they chanted outside the front door of Ibrox."

Speaking on BBC Sportsound, the former Rangers chairman insisted that the nominated directors have the confirmed support of 28% of the shareholders - the same group that backed the call for an extraordinary meeting earlier this year. Murray admitted that, although they pulled back on the egm to save the club money, that was a mistake.

He also reacted to revelations that Police Scotland have widened their investigation into Craig Whyte's purchase of the club in May 2011 to take in events of last summer, when the consortium led by Charles Green bought the business and assets of Rangers Football Club plc in liquidation. He does not believe that Whyte is still involved, and he does not think administration is likely, but remains deeply concerned at the way the club is being run. He and his fellow nominees are seeking a meeting with the new acting chairman, David Somers, this week, and will stress that no further appointments should be made until after the agm.

"My major concern is that the cash is disappearing too quickly," Murray said. "That has to stop and that's why we've assembled a board that's fit for purpose, with experience, to make sure cash stops going out and is reinvested in the club. I've been involved in corporate finance for almost a third of a century and seen things happen that would make your hair stand on end. I was given assurances [Whyte] wasn't involved. I don't think he is, but it's pretty clear certain individuals had talked to him in the past, which surprised me.

"We have to give [Somers] the benefit of the doubt that he's there for the right reasons. I don't know this gentleman. It's much better to eyeball [people] and find out in a honest way. Any chief executive in his right mind wouldn't join a board in this state of turmoil. I've never seen a board being effectively reduced to one man and his dog when there was five of them."