Rangers have announced that Ally McCoist has resigned as the club’s manager and has entered a 12-month notice period.
The 52-year-old was claimed to have tendered his resignation last week, but it is only today that the Scottish club have made an official announcement on it.
Glasgow-based Rangers informed the London Stock Exchange about the news this morning, adding that McCoist’s salary will increase to £750,000 per year.
"The company announces that Alastair McCoist, manager of the first team squad, has resigned,” read the statement, according to Sky Sports.
“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 are currently second in the Scottish Championship with 32 points from 16 matches, nine points behind leaders Hearts.