SFA takes action against Ashley
Rangers to seek ‘amicable solution’ after McCoist quits
Amid speculation that former Motherwell and Nottingham Forest manager Billy Davies is to take over, it appears McCoist will receive a £750,000 payoff in lieu of his 12 month notice period.
In a short statement to the London Stock Exchange this morning, Rangers said: ‘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.”
Football chairman Sandy Easdale and director Derek Llambias are due to meet McCoist on Wednesday to discuss the terms of his departure and a new manager may be in place before next week’s annual general meeting which is expected to be another stormy event.
It is thought McCoist was unhappy at the savage cuts on staff ordered by Sports Direct tycoon and Rangers shareholder Mike Ashley in exchange for bankrolling the Ibrox club with a series of loans.
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.
Separately, the Scottish Football Association is investigating Ashley’s involvement in the club. He has a near-9% stake but also owns Newcastle United which disallows him from controlling a club in Scotland. However, his loans and placing of Mr Llambias on the board have given him effective control.