Murray seemed certain to be on the way out after being asked to resign by the rest of the board last week following concerns about his personal conduct and complaints by supporters. But Murray was not prepared to stand down and meetings yesterday involving senior club figures resulted in a pulling back by all the parties and an amicable resolution being reached.
The intention is now that Murray will continue in his role and that the rest of the board will also remain unchanged for the foreseeable future. It remains to be seen if friction between Murray and chief executive Charles Green will lead to wounds being reopened in the future.
"Everyone involved worked and talked through the issues and everyone has a desire to move forward for the sake of the club," one source said last night.
Another source last night told Herald Sport that figures in the City had put pressure on to halt the dispute. Murray is regarded by London-based businessmen as a viable figure at the club and they privately called for an end to the public squabbling which they feared was destabilising the club.
A City businessman said last night: "Everyone has been told that for the sake of the club this sniping must stop. The issue must be parked for the moment and they must work together."
Meanwhile, Hearts have agreed to accept £400,000 as a final payment from Rangers for left-back Lee Wallace. A final instalment of £500,000 was due to be paid in the summer but the Tynecastle club, vulnerable because of a cash shortfall, agreed to accept the lower payment from the Ibrox outfit now in order to get some money into the club.
On Wednesday, Rangers reached an agreement with Rapid Vienna to pay £717,000 for Nikica Jelavic. A further £286,000 is still owed to the Austrian club for the striker but that liability lies with Rangers Football Club plc, which is currently being liquidated, rather than Green's regime.