Ally McCoist resigns as Rangers manager and enters 12-month notice period
Tuesday 16 December 2014 15:46, UK
Ally McCoist has resigned as Rangers manager and entered a 12-month notice period in which his salary will increase to £750,000.
Rangers confirmed the news to the London Stock Exchange on Monday morning.
The club says they will now hold talks with their record scorer and it is not yet clear if he will stay in charge, or be replaced. McCoist however did oversee training on Monday.
In the meantime, the 52-year-old's salary, according to the statement, is increased to £750,000 per year.
The statement read: "The company announces that Alastair McCoist, manager of the first team squad, has resigned. His service contract dated December 28, 2010, which was subsequently amended, has a 12-month notice period ("Notice Period").
"The directors will hold discussions with Mr McCoist to seek an amicable solution in the best interests of the company, and expect to be in a position to make a further announcement before the end of the week. During the notice period, Mr McCoist's salary will increase significantly to £750,000 per annum."
McCoist led Rangers in their defeat at Queen of the South on Friday night immediately after the initial reports surfaced, but refused to talk about his future in the wake of it.
"I have absolutely no comment on rumours," he said.
"I can't have any bearing on speculation. I will deal with cold, hard facts. I think you know me well enough that I will give you an opinion on that. But I can't comment on speculation."
But when he was asked if he believed he would still be the Light Blues boss next season, McCoist - who was famously quoted saying he "did not do walking away" - said: "Absolutely. I'm the Rangers manager and that will hopefully be the case for the foreseeable future.
"I told the (players before the match) I was the Rangers manager and I would continue to be the Rangers manager."
McCoist's resignation offer - which could cost the club up to £1.4million in severance payments – was reported to have been knocked back by the Light Blues' cash-strapped board.
The club reported £8.3m losses last month and need to raise a similar amount before the end of the financial year if they are to stay afloat.
McCoist took over at Rangers in 2011 and has been at the helm throughout their financial meltdown and subsequent attempts to return to the top - a bid which has stalled this season with Hearts running away with the Championship title.
Rangers hold their Annual General Meeting at Ibrox on Monday next week, and McCoist is due to be present at that. Sky sources understand however that he will meet with members of the board on Wednesday this week to discuss his future
