Rangers give McCoist 'no guarantees'

Rangers chief executive Martin Bain insists the club could not wait any longer for takeover activity to be settled before confirming the appointment of Ally McCoist as their next manager.

Lanarkshire-born businessman Craig Whyte reached an agreement in principle with majority shareholder Sir David Murray in early December but a formal offer has not been forthcoming.

Bain felt Rangers had to make plans for next season with manager Walter Smith stepping down at the end of the current campaign. McCoist accepted Bain's offer of the manager's job in December and Rangers yesterday announced the appointment.

"I have not asked for any guarantees," said the 48-year-old former striker and current assistant coach, referring to the club's finances. "I don't think any guarantees can be given to be brutally honest."