That was the claim made by Light Blues legend John Brown today as he looked over his former club's disappointing start to the season.
McCoist is under serious pressure for the first time in his managerial reign at Ibrox after a dire run or results away from home in the league.
His team has drawn to Peterhead, Berwick and Annan on the road – and lost 1-0 to bottom-placed Stirling Albion at Forthbank earlier this month.
And some Rangers fans are beginning to ask if the goal-scoring great is the right man to lead the Govan club back to the forefront of Scottish football.
But Brown, who quit his post as Rangers scout in the summer after the consortium fronted by Charles Green took over, feels McCoist has been let down by the new owners.
The Gers boss wanted to bring in six new players before a 12-month signing ban kicked in on September 1 – and only got David Templeton and Francesco Stella.
In addition, captain and centre-half Carlos Bocanegra left for Racing Santander in Spain on loan for the season on the final day of the transfer window.
Brown said: "Ally has not been able to bring in the players he wanted. That is a big factor here. Ally was trying to put together a squad that could win the Third Division.
"Having been manager at Clyde in that league, I know you need to have players who can stand up for themselves.
"Ally wanted six new faces. The people who were doing the bargaining, the financial people outwith the scouting staff, let him down.
"It might be down to Charles Green not loosening the purse strings."
He continued: "There is not a great deal of pedigree there now. From what I have seen, the guys who have come in are not Rangers players. I don't think they can help to bring on younger boys."
Brown, who led an unsuccessful bid to buy Rangers from the Green group in the summer, still thinks the Ibrox club will win the Third Division title come next May.
But he fears that will not be straightforward for McCoist as he will be unable to strengthen if injuries and suspensions reduce the size of an already threadbare squad.
He explained: "They aren't going to be able to sign anybody for money for an 18-month period so they had to get a few signings in. Lee McCulloch and other senior players are going to pick up injuries.
"They should have got another four or five players in. Coisty has been let down. He can't sign a player for another year."