Walter Smith insists Rangers could not have tried any harder to keep Kris Boyd at Ibrox.
The striker, 26, is set to sign for Middlesbrough after agreeing a two-year deal with the npower Championship club.
Smith told the Daily Record: "We did all we could to keep him. I think there were two things from his point of view - the money and a new challenge."
The Rangers boss continued: "From our point of view, we made him an offer that was as much as we could go to for any player that we were hoping to keep at the club or bring to the club.
"We are disappointed he has gone. But with the club's situation at the moment we have to accept that."
Boyd says former Celtic boss Gordon Strachan was the major factor in his decision to opt for Boro.
He told the Scottish Sun: "I've had a lot to think about but I feel this could be a great move for me because it just feels right.
"The main reason for that is Gordon. I'm excited at the prospect of working with him. I believe he can raise the bar in my career."
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