McCoist to replace Smith after season

Ally McCoist admits it will be "a privilege and honour" to replace Walter Smith at Rangers when the veteran manager retires.

Smith has signed a new deal that will keep him at the Scottish champions for one more year, before handing over the reins to assistant McCoist and first-team coach Kenny McDowall, who both agreed two-year deals last night.

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 No 2 for Smith's second spell there.

McCoist said: "We're thrilled to get it sorted. I think it was fairly common knowledge we didn't want to go anywhere at all. This place is our home and, thankfully, we've had a reasonable amount of success in the last few years.

"It will be a privilege and an honour to take over from Walter next year and that is a challenge I shall certainly relish."