Rangers have confirmed the resignation of manager Ally McCoist, who will now serve a 12-month notice period with the club.
The club's record goal-scorer took over in 2011 and has secured successive promotions in the last two seasons; however the pressure has been mounting in recent weeks, with fans eager for a return to top flight football.
After much speculation over the resignation, it was confirmed in a statement on Monday morning that it was in fact the truth - and that the club are set to meet with McCoist later this week to attempt to secure a mutual agreement.
12-MONTH NOTICE PERIOD
During the time between now and the meeting, it was confirmed that McCoist will be paid £750,000 per year - following his 50% pay cut.
There are a number of different options of what the club and McCoist can agree to, as the 12-month notice period was a clause in the 52-year-old's contract.
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McCoist could yet see out his contract with the club, unless the two parties find another solution - such as paying the club legend in full or placing him on leave for the year-long period.
Despite a relatively successful time as manager since the club suffered administration, McCoist has come under increasing amounts of pressure lately, with Rangers sitting second in the Scottish Championship.
Hearts, who played with Rangers in the top flight for many a season, are currently top of the table, nine points clear of The Gers.
The former striker's final game in charge was Friday's 2-0 defeat to Queen Of South, however he remained positive that he would continue as manager at the club during a post-game interview.
“Absolutely. I’m the Rangers manager and that will hopefully be the case for the foreseeable future. I told the (players before the match) I was the Rangers manager and I would continue to be the Rangers manager," McCoist told The Guardian.
Despite the resignation, McCoist still very much remains a club legend from his days as a player, as well as a far from disappointing spell as manager over the last couple of seasons.
The Scottish international won 10 league championship medals, and was a part of the famous 'Nine in a Row', which saw Rangers win the title for nine successive seasons between 1989 and 1997.
He scored 355 goals in all competitions whilst at Rangers, including 251 in the league - which helped him to become the first player to be Europe's top goalscorer in two successive seasons (1992 and 1993).
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