Rangers board to thrash out Ally McCoist future

Rangers confirmed on Monday that McCoist had handed in his resignation. Picture: PA

The club confirmed on Monday that McCoist had handed in his resignation but that the notice period of his contract was 12 months.

McCoist had refused to comment on the situation after his side lost 2-0 to Queen of the South on Friday night, a defeat which left them nine points behind Scottish Championship leaders Hearts having played one game more.

But he did state that he hoped to be the Rangers manager for the foreseeable future.

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That appears highly unlikely given the apparent breakdown of his relationship with the board but the club do not have the money to give him the pay-off he is contractually entitled to if they wanted to force his instant exit.

The board announced in a statement to the stock exchange that McCoist’s salary had reverted to £750,000 for the final year of his contract.

The club recently delivered a series of redundancies and announced they had to recoup the vast bulk of their recent £8.3 million losses in the coming year to continue meeting their obligations.

The problems continued on Monday when Rangers and shareholder Mike Ashley were hit with a series of Scottish Football Association charges relating to the Newcastle owner’s dual interests and the share price hit a new low of 18p by the end of trading yesterday.

But the annual general meeting is on Monday and deciding McCoist’s future would give the directors one fewer uncertainty to take into what will inevitably be a stormy gathering.

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