LOCAL Rangers fans are in shock today as Ally McCoist’s decision to quit the debt-ridden Glasgow club was confirmed.
In a statement to the Stock Exchange today, the Scottish Championship club also said the 52-year-old’s salary will revert to £750,000 after he took a 50% wage cut earlier this year.
Directors plan to meet McCoist this week to seek an “amicable solution”.
McCoist took over in 2011 but has faced pressure from fans and the club to win promotion to the top flight.
Rangers are currently second in the table, nine points adrift of Hearts.
Monday’s statement to the Stock Exchange ends days of speculation following reports on Friday that Rangers legend McCoist had resigned.
“The company announces that Alastair McCoist, manager of the first-team squad, has resigned,” it read.
“His service contract dated 28 December 2010, which was subsequently amended, has a 12-month 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.”
BBC Scotland’s Richard Wilson says there are four options now open to the cash-strapped club:
- Leave McCoist in place to work out his notice;
- Pay McCoist his 12-month salary in full and release him;
- Reach a financial settlement that suits both parties;
- Put McCoist on leave for 12 months and appoint a new manager.
Rangers remain in a fragile financial state.
The club reported £8.3m losses last month and need to raise a similar amount in January to keep the business going for the next 12 months with little prospect of that happening.
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