Ally McCoist plans to be cautious when Rangers have their transfer embargo lifted

Ally McCoist: Will be cautious when Rangers re-enter the market.

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Rangers boss Ally McCoist says he will be careful with the large transfer budget he has been promised following the club's share issue.

The issue raised £22m for Rangers and chief executive Charles Green says almost half of that money will be available to McCoist for squad-strengthening.

However, McCoist will have to be patient because the club are operating under a one-year signing embargo and cannot buy any new players until January 2014.

McCoist told the Daily Record: "A minimum of £10million is certainly encouraging, because we will have to spend in terms of our natural progression.

"It would be very, very pleasing for us to have that money to use. At the same time, we've still got an opportunity beforehand to hopefully bring in one or two players who are out of contract at the end of the season (Rangers can sign free agents from 1 September).

"It goes without saying that we are delighted with some of our younger players who are coming through as well.

"There has been a natural progression made within the club in recent weeks and that statement from Charles would be an indication that hopefully we could continue that progress.

"But there is a great degree of responsibility with any manager or coach who gets money to spend in the transfer market.

"Not having had a lot of money to spend before, it's something I would look forward to, but I would be very cautious with it."

No figure in mind

The re-launched Rangers have begun life in the Third Division after they were liquidated last summer and McCoist says he has not put a number on what they will need to spend in order to climb into the top flight.

"I wouldn't say I've looked at a figure to get us out of the SFL," he added. "I've not looked at it in great detail. At this moment in time, we are doing absolutely fine.

"We won't have any money to spend anyway, for the foreseeable future, so we are just hopeful we've got enough to get out of this division.

"I don't sit back and say I need a figure to get out of the SFL. I haven't done that at all."