On Friday, Ally McCoist resigned as Rangers manager. Despite this, he is still Rangers manager. He took charge of the club as they lost 2-0 to Queen of the South on Friday.
The club released a statement to the stock exchange this morning confirming that McCoist has resigned.
Just like when the majority of people decide to leave a job, the 52-year-old will have to serve a period of notice. His is unusually long though. 12 months. This may change before the end of the week though.
The other interesting point from the statement is that McCoist will receive a raise. Previously was was on an annual salary of £400,000 but during the notice period it "will increase significantly to £750,000 per annum."
Here's the statement.
The company announces that Alastair McCoist, manager of the first team squad, has resigned.
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.
