After meeting with the Rangers board on Wednesday, it has been confirmed that Ally McCoist, who announced his resignation earlier this week, will stay on as manager of the club.
McCoist met with Derek Llambias and Sandy Easdale on Wednesday in a meeting that reportedly lasted around 40 minutes.
The 52-year-old has been under increasing pressure in recent weeks, due to the Ibrox club falling nine points a drift of league leaders Hearts. However, due to the 12-month notice period in his contract, the club legend is entitle to pay.
No support from board
McCoist has reportedly lost the support of the Ibrox board due to this seasons's form, but they have admitted they do not have the funds to pay the manager off.
The board have confessed to needing an injection of at least £8m to continue as a going concern in 2015, with the club in a dyer financial state.
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McCoist will bizarrely be joining the team to face Livingston on Saturday as it stands, despite handing in his notice less than a week ago.
The Scottish club had already considered replacements, with Billy Davies as short as 4/7 to take on the managerial job in Glasgow.
Terry Butcher had also been discussed for the job, following his decision to reject the Motherwell vacancy last week - which led to rumours of the highly-respected manager taking over.
Stuart McCall, Dennis Wise and Gennaro Gattuso were three others strongly linked with the position before the latest reports were released.
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