RANGERS director Paul Murray today revealed the cash-strapped Ibrox club has been unable to agree a settlement with former manager Ally McCoist.

McCoist was put on gardening leave by the former board in December after tendering his resignation following a bad run of results.

The 52-year-old, who spent over three years in charge, is receiving weekly payments of nearly £15,000 while his contract is being paid up.

Murray confirmed talks had been held with their record goalscorer, but the two parties remained deadlocked.

He said: "We have sought to resolve that situation. We have met with Ally a couple of times. That's a live situation."

Many Rangers are upset McCoist is receiving so much money when the Ibrox club has needed emergency loans to stay afloat.

But new Gers chairman Dave King insisted the legendary striker wasn't due the Glasgow giants a single penny.

King said: "I really don't see it that way. The fact is he has a contract, it was committed to and the club must respect contracts.

"The club owes Ally as much as he owes them in terms of the satisfaction he has given fans over the years.

"To me, the situation has been resolved with Ally. The fact is that Ally is entitled to his money.

"He doesn't have an obligation, he doesn't owe anything to the club. It's a question of whether the club can convince him that under the new regime, so to speak, he should give some satisfaction.

"But Ally is quite within his rights to be doing what he is doing. There is no situation to be resolved. We are asking him to do us a favour."

"Anyway, it's not a huge issue. Obviously more cash is better than less cash, but it's not going to change any of our plans for the next season."

He continued: "Ally is an absolute icon and legend at Rangers and I would be very surprised and disappointed if any of the discussions we had with him resulted in any change to that status.

"We will make him feel extremely welcome when he comes back to the club."