Confirmation of Ally McCoist’s resignation arrived at the Stock Exchange this morning

The confusion surrounding the news of Ally McCoist's decision to leave Rangers has been cleared up, a little bit, this morning.

News came late last week that the Rangers boss, who has managed the side since 2011, had sent in a letter of resignation to the club but McCoist refused to comment on the reports over the weekend. But Rangers confirmed the news to the Stock Exchange early this morning with a statement. "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." McCoist, who was in the dugout for Rangers' 2-0 loss to Queen of the South on Friday night will also be given a raise while he sees out his notice. The statement added: "During the notice period, Mr McCoist's salary will increase significantly to £750,000 per annum."