Rangers confirm manager Ally McCoist has resigned from the club
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Version 0 of 1. The notion that divorce between Ally McCoist and Rangers will be anything but amicable has been confirmed by the club’s board revealing their manager has reverted back to a full salary of £750,000 upon delivery of his resignation. After growing disenchanted with life at Rangers, McCoist handed in his notice at Ibrox last week but, with a 12-month rolling contract in place, has that same period to serve. The manager had earlier taken a voluntary salary cut to around £400,000 per year but it was always unclear how that would impact on either a sacking or the serving of notice. On Monday morning, the Rangers board released a statement to the stock exchange with the apparent aim of increasing scrutiny on McCoist’s earnings. The 52-year-old will meet with directors this week; Rangers seemingly cannot afford to pay McCoist off and, with the manager not of a mind to walk away without any reward at all, a stand-off has ensued. Gardening leave for McCoist has been widely speculated as the most sensible short-term solution. The stock exchange 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. “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 reported for work as normal on Mondaymorning but his departure is surely edging ever-closer. McCoist had refused to comment on his future on Friday, the same day reports of his resignation had broken. It is understood McCoist was left angered about the leaking of that information from within Ibrox, hours before a league clash at Queen of the South which Rangers lost 2-0. The team lies nine points adrift of Hearts in Scotland’s second tier, with the Edinburgh club holding a game in hand. Off the field, Rangers are in a similarly poor state. They recently reported a loss of £8.3m, whilst confirming the same figure needs to be raised within 12 months. Derek Llambias, the former chief executive of Newcastle United, has taken an increasingly hands-on role at Ibrox after being parachuted into position by Mike Ashley. The Scottish FA has been unable to confirm more than “dialogue” with Ashley’s lawyers as it attempts to clarify the extent of the Newcastle owner’s influence at Ibrox. Ashley is only an 8.92% shareholder. |