Rangers won't rush manager search

The former Blue Knight was voted onto the Gers board on Friday following Dave King's boardroom coup at the club EGM.

Murray, however, will take King's place as chairman while the Johannesburg-based businessman fights to prove he is fit and proper.

The 50-year-old ex-Deutsche Bank executive's next task though is to sit down with his fellow new directors John Gilligan and Douglas Park to draw up a list of candidates to manage the team.

McCoist is currently on garden leave after being axed by outgoing chief executive Derek Llambias in December, while caretaker Kenny McDowall has also handed in his notice.

But Murray said: "You have to remember there have only been 13 men in the history of Rangers to have held that position, so it is really important.

"We are laying the foundations for a long-term project so getting the appointment of a first-team manager is a critical decision.

"We are not going to rush into it. Now that we have got this (EGM) out of the way today, I'm sure people will be approaching us and people have been.

"But until we got this out of the way we didn't have any mandate to speak to anyone. We will continue this process. We will have to sit down with Ally and Kenny and have that conversation.

"But as for the new manager, we will take our time and get it right."

King says it could cost Rangers more than £20million just to halt the current rate of decline - but has promised to give whoever gets the manager's job a £10million transfer budget.

And Murray refused to count out McCoist being the man to spend it.

"There is always a place for Ally in terms of his status at the club," he said.

"But as manager? We need to sit down with him and see what his plans are."