Ashley Put Under Pressure - McCoist Resigns!

Last updated : 15 December 2014 By Footy Mad - Editor

As he treads water, he will have to find a new manager!

Ally McCoist's time as Rangers manager appears to be up after the club told the Stock Exchange he had resigned and entered a 12-month notice period.

It is not yet clear if he will stay in charge, or be replaced.

In a bizarre statement, it claims the 52-year-old's salary will increase to £15,000 per week.

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."

Rangers lost to Queen of the South on Friday night.

McCoist took over at Rangers in 2011.