Thrilled McCoist says it will be an 'honour and a privilege' to take over from Walter Smith

ALLY McCoist, Rangers' all-time record goalscorer who has now served a five-year apprenticeship under Walter Smith at Scotland and Rangers, will become only the 13th man to manage the Ibrox club if the club's plan of accession reaches fruition next summer.

"It will be a privilege and an honour to take over from Walter next year," said the 47-year-old, after agreeing a two-year deal, ending a prolonged spell of uncertainty while operating without a contract. "That is a challenge I shall certainly relish.

"We're thrilled, absolutely thrilled to get it sorted. I think it was fairly common knowledge we didn't want to go anywhere at all. This place is our home and thankfully we've had a reasonable amount of success in the last few years.

"For that reason, we were really keen to stay and we are delighted with the way it has all worked out. I'm hopeful the majority of the supporters will be very pleased we are staying. I'm sure they'll appreciate we've had one or two excellent seasons recently. We've had some great times and going forward, it is our aim and our object to create some more for them. They have been fantastic to us over the years and we want to repay them for that with more trophies.

"The last two league campaigns have been very successful and we've had one or two cup runs which have been great. That's how we are gauged and hopefully we can continue that. We're desperate to build on that and I'll settle for the same results next season.

"As long as we are top when it comes to the end of the campaign next May, that will be great. It's fair to say we have already been doing a little bit of work and now we've the opportunity to continue with that.

"We've got a big season ahead of us with the Champions League coming up and we also want to retain the title. Hopefully we can sit down and get these plans in action."

Last night's development should also mean that club captain David Weir will continue for another year at Ibrox. The big defender, who turned 40 earlier this month, said last week that he had made up his mind to play on with Rangers for a further season – but only if Smith continued in his position. Weir has enjoyed a successful relationship with Smith at Everton, Rangers and with the national team, and he will be delighted that the current management set-up stays in place.

Kris Boys is also likely to be influenced by the stability provided by Rangers' announcement. Chief executive Martin Bain's statement highlighted the understanding that the team needs investment – and indicated that the existing wage bill can continue to be met under the new working agreement with the bank, with a little help from a 12-15 million windfall that is on its way next season. Boyd has made no secret of the fact that he enjoys life as a Rangers player, but has had to consider the possibility that the club may have required to sell him.

Bain said: "In broad terms, we will invest some Champions League revenue and general profit from this year in the playing squad.

"We will be able to maintain our wage levels as they are and, if any players decide to leave, we will be re-investing proceeds back in the squad."

McCoist's former strike partner Mark Hateley has described Smith's decision to remain at the club as a cause for optimism at a time of uncertainty.

"It's a breath of fresh air for the Rangers supporters," said Hateley. "There has been a lot of uncertainty since the championship was won at the end of last season. It's a bit of positive news. It's a long time since the Rangers fans have had any sort of optimism."

Smith guided Rangers to their second successive Clydesdale Bank Premier League title and the Co-operative Insurance Cup against a backdrop of cash worries and lack of new personnel.

Hateley added: "Walter is a pretty astute guy and he has been in the game for a long time now and has worked with some great guys as well. It all adds to his experience.

"I think what he has done since he has been back at the club, since the Paul Le Guen fiasco, has been a miracle under the circumstances and the financial restraints put upon him."

Hateley also backed McCoist to succeed in his new role when Smith retires.

He said: "Alistair has been working with Walter at international level and now at club level. Ally was a legend as a player and, if everything goes well this year, I see no problem for Ally to step up. It's something he's got his heart set on and he has a great tutor in Walter Smith."