SPFL: Cost-cutting was surprise to me, admits Rangers boss Ally McCoist

McCoist: Keen to add to playing squad next month

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Rangers manager Ally McCoist admits he was surprised by the call for cost-cutting measures announced at last week's stormy annual general meeting.

Ibrox chief executive Graham Wallace admitted the club were spending way beyond their means and called for initiatives to be introdcued to bring expenditure in line with their lower-tier status.

Rangers raised £22m from a share issue last December but spiralling costs have seen that eaten into, causing concern for the immediate well-being of the league one side.

Speaking at the AGM, Wallace, who was re-elected to the board, said: "The current operating structure we have is too high, too high even for the top division never mind the lower leagues.

"It is reasonable to assume that, in order to take the club back to competing at the top levels domestically and in Europe, fresh investment will be required.

"I don't rule out a rigorous review of our football squad but it will be done in partnership with the manager."

However, McCoist, who is looking to add to his pool of players in the January transfer window, claimed the measures were 'news to me'.

Speaking on Sky Sports News, he said: "I wasn't aware of this at all. Graham made his statement and it was news to me, as it was to a lot of the people listening to it.

"That said, we haven't been informed where and if and when these cuts will take place so it is wrong of me to comment on them until they happen."

Of adding to his squad next month, McCoist, whose side are 10 points clear at the top of the table with two games in hand, said: "I am the same as every manager, I would rather have players in than leaving.

"Obviously I will just have to react to what I am told by the chief excecutive. It would be wrong of me to comment on a hypothetical situation because I don't know what is going to happen to be honest.

"Once Graham has a look at the business overall, then we can sit down and plan the future of the footballing side of things. We will know better and can obviously have a conversation then."