Thursday 10 September 2015 19:51, UK
Rangers have announced that former manager Ally McCoist has agreed to the early termination of his contract with the club.
McCoist was placed on gardening leave in December 2014 by the club's former board shortly after tendering his resignation, which had prompted a year-long notice period.
McCoist, Rangers' record goalscorer, replaced Walter Smith as manager at Ibrox in 2011 after serving as assistant but the club was placed into administration soon afterwards and later demoted to the bottom tier of Scottish football.
A statement released on the Rangers website paid tribute to McCoist, saying: "During this period Ally worked without pay and later also took a 50 per cent salary reduction to help keep the club going.
"It was also Ally who stood up for the club when its lengthy list of honours was under threat."
McCoist vowed to guide Rangers back to the top flight but issues off the field continued to blight the club's progress and came to a head last season with the side ultimately failing to secure promotion from the Championship.
Agreement was reached quickly during a meeting with Rangers chairman Dave King, who expressed his gratitude for the contribution McCoist made to the club both as a player and then manager.
He said: "Ally remains one of the most significant figures in this club's history. His contribution on and off the pitch should not be forgotten or devalued.
"Agreement could have been reached earlier but it has been difficult for us to get an opportunity to sit together and talk everything through.
"We have done that now and we are grateful for Ally's continued consideration for the club by accepting early termination- which he was under no obligation to do."
McCoist said he was delighted to see the club prospering under a new board and manager in Mark Warburton.
"Without doubt managing Rangers was the greatest honour in my career. It was the dream job but in a nightmare scenario", he said.
"I am absolutely delighted the club now has a stable board and that the good work off the pitch is being equalled by the performances on it.
"Most of all I want to express my gratitude to Rangers fans everywhere. They were superb and they backed me and my staff. They also stood firm when their club was in dire straits and even at the bleakest moments they did not flinch.
"They are the heart and soul of this club and no one should ever forget that. Quite simply they are the best."