Former star will serve out a 12-month notice period.
Glasgow Rangers have confirmed to the stock exchange that manager Ally McCoist has resigned from his position and will now carry out a 12-month notice period, the BBC reports.
The former Scotland international has seen his position come under some intense scrutiny in recent weeks, but will now see his salary increase to £750,000-per-year.
The directors will hold discussions with McCoist in order to seek an “amicable solution”.
“The company announces that Alastair McCoist, manager of the first team squad, has resigned,” said the statement.
“His service contract dated 28 December 2010, which was subsequently amended, has a 12-month notice period (“Notice Period”).
“The directors will hold discussions with Mr McCoist to seek an amicable solution in the best interests of the company, and expect to be in a position to make a further announcement before the end of the week.
“During the notice period, Mr McCoist’s salary will increase significantly to £750,000 per annum.”
McCoist refused to give anything away over the future of his job before Friday night’s 2-0 defeat to Queen of the South, but it is believed that he has become so physically and emotionally drained by the state of events at the club that he saw his only option was to talk away.
SEE ALSO: Best young football players in the world!