Rangers manager Ally McCoist believes British football without the Old Firm derby would be "tragic" as his side gear up for Sunday's clash against Celtic.

The financial problems at the administration-hit Ibrox side mean they are not yet able to rule out the possibility of liquidation and applying for re-entry to the Clydesdale Bank Premier League as a 'newco'.

McCoist has spoken of dropping down to the Irn-Bru Third Division as maybe being "morally" correct, albeit to the detriment of the rest of the SPL, and such a scenario would mean the end of the famous Glasgow derby for several seasons.

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