Source: Team_Talk
Smith backs heir to throne McCoist
Walter Smith has backed Ally McCoist to continue the success he has already brought to Rangers when he retires at the end of next season.[LNB] Smith, 62, handed Rangers a massive boost when he confirmed he will remain at the helm for one final campaign and have a crack at a third successive SPL title.[LNB]He will then step down from his role and make way for his assistant McCoist to take over the reins, along with first team coach Kenny McDowall.[LNB]All three had been working without contracts since January but penned new deals last night, in a move which has been welcomed by fans groups and former players.[LNB]Smith said: "I am wholly committed to managing the club next season and when it comes to the end of next season I firmly believe that Ally and Kenny would do a great job and I am glad everybody at the club shares that view."[LNB]He added: "I have given this decision a great deal of thought.[LNB]"The next season holds many challenges for everyone at the club and I would hope that with the backing of everyone - supporters, management and staff - we can pull together as a club and continue to achieve at least the levels of success we have enjoyed over the last few seasons.[LNB]"We have big challenges ahead, on and off the field, but we are all Rangers men at heart and are looking forward to going for our third league title in a row and playing in the Champions League."[LNB]Former striker McCoist has served a five-year apprenticeship under the 62-year-old, firstly with the Scotland national team then back at Ibrox as his number two for Smith's second spell at the Glasgow giants.[LNB]McCoist said: "We're thrilled, absolutely thrilled to get it sorted. I think it was fairly common knowledge we didn't want to go anywhere at all.[LNB]"This place is our home and thankfully we've had a reasonable amount of success in the last few years.[LNB]"For that reason, we were really keen to stay and we are delighted with the way it has all worked out.[LNB]"It will be a privilege and an honour to take over from Walter next year and that is a challenge I shall certainly relish."[LNB]Smith has been forced to work under financial restrictions amid the ongoing uncertainty which hangs over the club, as the search for a new owner continues.[LNB]His inability to purchase a new player since August 2008 has been well-documented.[LNB]But club chiefs have revealed that some Champions League money will be re-invested in the playing squad following positive talks with Lloyds Banking Group, the club's bankers.[LNB]Chief executive Martin Bain said: "The club recognises that Lloyds Banking Group is looking for structured debt reduction at the club.[LNB]"Equally, the bank recognises that the club needs to be managed at a level where it is in a position to deliver success on the field and meet supporters' expectations.[LNB]"In broad terms, we will invest some Champions League revenue and general profit from this year in the playing squad.[LNB]"We will be able to maintain our wage levels as they are and, if any players decide to leave, we will be re-investing proceeds back in the squad."
