Ally McCoist exit casts shadow at AGM

The 52-year-old had handed in his resignation but was adamant when he spoke to the press on Friday that he would see out the 12-month notice period of his contract.

But he lasted just two days more before his time in charge of the Glasgow giants was brought to an end, just hours before the club's board were due to meet at Ibrox.

A statement from the club read: "Rangers would like to announce that Ally McCoist is relinquishing his duties as manager and will serve out the remainder of his 12-month notice period on gardening leave.

"We would like to thank Ally for all his hard work and dedication over the last few years, but we feel it is now in the best interests of all parties to move on.

"Assistant manager Kenny McDowall will take over his duties until the end of the season."

McCoist had been in charge of the Light Blues since the summer of 2011 but soon saw them taken into administration and plunged into the Third Division.

The club-record scorer guided the Gers to back-to-back promotions but leaves the team nine points behind Hearts in the Scottish Championship with the Jambos having played a game less.

And while some fans had turned on the manager, they are now likely to turn their fire on the board as uncertainty and confusion continues to hang over the club.

Chairman David Somers, new chief executive Derek Llambias and director James Easdale all face re-election to the board on Monday.

But with Easdale's brother Sandy - the football board chairman - in control of a quarter of the club's shares and also aligned with investor Mike Ashley, that should be a mere formality.

However, with the club no nearer to financial security than they were when the directors were booed and heckled prior to last year's AGM, they will be under pressure to explain how they plan on saving the club from another collapse.

In the time since that last explosive AGM, Newcastle United owner Ashley has grabbed control of the club, forcing both chief executive Graham Wallace and director Philip Nash to quit.

The Newcastle owner - who holds an 8.92 per cent stake in the Glasgow giants - is now pulling the strings from behind.

The £3million loan he handed the club gave him the right to hand-pick two directors and so far he has installed Llambias onto the board and ordered Somers to appoint him Wallace's successor as chief executive.

But Rangers are still dangerously short of cash and need £8.3million before April 1 just to stay afloat.

According to reports, billionaire Sports Direct tycoon Ashley is ready to underwrite a share issue which could prove the answer to the club's cash crisis - but that will only land the club in further hot water with the Scottish Football Association.

Hampden chiefs have already handed Rangers and Ashley a notice of complaint as they investigate the "dual ownership" aspect of the St James' Park owner's Ibrox involvement.