Rangers boss Ally McCoist backs Graham Wallace

Ally McCoist believes Graham Wallace is committed to helping the troubled Ibrox club. Picture: Robert Perry

The fallen Glasgow giants have been forced to launch a £4 million share issue in a desperate bid to raise cash.

The club are believed to be confident of selling at least 15 million shares having previously warned they would face an “uncertain” future if the rights issue – which closes today – failed.

But despite their optimism, doubts about the club’s long-term viability remain.

Rumours have suggested the Rangers directors are considering going back into administration while there have also been reports of a split between Wallace – who sits as a PLC director – and club board chairman Sandy Easdale. Meanwhile, fans’ group Sons of Struth is to ballot its 1,500 members on boycotting home matches, such is their dissatisfaction with the way the club is being run.

McCoist says he expects to see Wallace, the former Manchester City chief operating officer, around for the long haul.

The manager – who claims he has received no word of an impending financial meltdown – said: “If Graham needs to tell me anything about the running of the club then he will tell me.

“One hundred per cent he wants to steer the Rangers ship back to the top. There is no doubt in my mind.”

And McCoist added: “I don’t [fear going back into administration] because I have been reassured by the chief executive that that will not be the case.

“I’m not a financial man. I don’t see the accounts, I don’t know the accounts. I don’t know the expenditures. With the greatest respect, that’s not my job. If there is a side to it where we go into that situation again I would expect to be informed but I certainly haven’t been anything but reassured.”

The club’s financial situation was put into even sharper focus when they admitted to the Stock Exchange that they had just £1.5 million of accessible cash left in their accounts as of 30 June.

Former director Imran Ahmad then succeeded in having £620,000 of that sum frozen at the Court of Session while he sues Rangers for an unpaid bonus.

Imran is yet to lodge his arrestment warrant with court officials while Rangers have been given leave to appeal the decision. But there remains real concern that the club may not be able to meet its monthly wage bill when it falls due on 25 September.

“[Rumours of a problem paying wages] have been mentioned [in the press] but I haven’t sought any reassurance,” said McCoist.

“That’s plain and simply because if it was an issue I would be told and I would then pass that message onto the players and staff here.”

The latest round of negative headlines – which have also included the revelation that naming rights to Ibrox were sold to Sports Direct tycoon Mike Ashley for £1 by former chief exec Charles Green – are the last thing McCoist’s side need as they prepare for tonight’s Championship clash with Raith Rovers.