Chief executive Graham Wallace confirmed off-field staff at the club would lose their jobs when he made public the details of his 120-day business review last week.
The document showed Rangers had gone through almost £70million in cash in the past 18 months - with former chief executives Charles Green and Craig Mather, and ex- finance director Brian Stockbridge coming under fire from fans for their roles at the club.
McCoist said: "I would feel terrible, absolutely terrible, if people at our football club lost their jobs because of the ridiculous sum of money that's gone.
"Those responsible for that should be held accountable.
"There's no doubt about that. Absolutely no doubt.
"People keep telling me that it was the players who came to the club who were responsible for the millions spent.
"You know what, they might be responsible for it but only by a tiny amount.
"We brought in nine players who didn't cost a penny in transfer fees.
"We brought in nine players on a wage-bill which came down from the previous year.
"Looking at our wages, ratio to turnover, I think it's below 30% which would be the envy of any club in Britain, possibly Europe.
"I checked the English Championship clubs for last year. The lowest ratio of wages to turnover was Blackpool at 53%.
"So, I will not accept the players getting any blame whatsoever attached to them.
"They effectively did what any player would do and that is to try and get a deal to suit themselves and their families.
"The people who gave them those deals saw fit that it was okay for it to happen.
"So I don't see why my players should receive any stick in this at all."