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Ally McCoist: Rangers tell Stock Exchange the Light Blues boss has resigned, triggering notice period

Ally McCoist's time as Rangers manager appears to be up after the club told the Stock Exchange he had resigned.

Three days after reports first surfaced that McCoist had offered his resignation, a statement on Monday morning confirmed he had tendered it.

A 12-month notice period has now been triggered, with the club saying they will now hold talks with their record scorer.

In the meantime, the 52-year-old's wage, 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 GBP750,000 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."

Sources have claimed that McCoist's resignation offer - which could cost the club up to £1.4million in severance payments - was knocked back by the Light Blues' cash-strapped board.

Reports in recent weeks have also claimed football board chairman Sandy Easdale and his brother James, a PLC director, have been behind attempts to axe the manager.

Both were at Palmerston to watch McCoist's side lose for the third time in the Scottish Championship this season.

The club reported £8.3million losses last month and need to raise a similar amount before the end of the financial year if they are to stay afloat.

Billionaire Newcastle owner Mike Ashley - who holds a nine per cent stake in the Ibrox club - could yet have the final say on whether McCoist keeps his job.

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.

Where did it go wrong for the Light Blues' record scorer?

SIGNINGS

Despite the club's financial implosion, McCoist has had money to work with during his three-and-a-half year reign as boss. But the 52-year-old repeatedly put his faith in players he knew with Scottish Premiership experience who failed to recreate their former performance level.

Allies of the manager will point out that he did not have a scouting network to rely on, but moves for highly-paid figures like Ian Black, Nicky Law, Jon Daly, Kenny Miller and Kris Boyd simply did not work, while others signings such as Emilson Cribari, Fransico Sandaza and Arnold Peralta were outright disasters.

STYLE OF PLAY

The signs were good for McCoist when he first took over and Rangers managed to rack up a 15-point lead over Celtic in his first season. But as that lead was thrown away, a frailty in his management was brutally exposed.

But worse was to come for the former Scotland striker as despite the mammoth resources he could call upon as he faced up to part-time minnows following the club's liquidation, his side often struggled.

Tactically naive, one-paced and lacking creativity, the club's loyal faithful soon grew tired as they toiled against sides they should have been ripping apart.

CONTRACT

Rangers have staggered from one crisis to another - all the while wasting millions of pounds in the process.

But McCoist did himself no favours by accepting a £800,000-a-year deal to manage the club while it was marooned at the depths of the Scottish game.

Even when he volunteered to take a 50 per cent wage cut, many fans were disappointed that it took several weeks of negative headlines before it was finally agreed.

YOUTH DEVELOPMENT

Many Gers supporters thought that by going down to the Third Division, Rangers would be able to flood their team with young recruits while they stock-piled cash for their Premiership return.

But McCoist was reluctant to put his faith in his Murray Park youngsters, claiming they were not good enough to see the club back through the divisions.

The only youngster to have made any impact in recent years has been Lewis Macleod. The Scotland Under-21 midfielder is undoubtedly a promising talent but one graduate from an entire youth system seems wasteful to many.

CUP RECORD

Since replacing Walter Smith in the summer of 2010, McCoist has failed to win a single cup competition in 11 attempts.

Rangers remain in this season's two major domestic knock-out tournaments this season but suffered fresh shame when they blew a two-goal lead against Alloa as they crashed out of the Petrofac Training Cup semis earlier this month.

Other humiliations include losing last year's Challenge Cup final to Raith Rovers and being taken to a replay by League Two outfit Albion Rovers.

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