ALLY McCOIST has once again stressed that Rangers need substantial investment in order to return to the forefront of Scottish football.

Former Ibrox director Dave King this week revealed he is prepared to plough up to £50million from his personal fortune into his boyhood heroes.

The South Africa-based businessman, who has previously invested £20 million in the Glasgow giants, would only be prepared to get involved in a new share issue.

And it remains to be seen if existing investors would be ready to sanction that - and see their stakes diluted.

But McCoist, who believes £30 million-worth of talent left Rangers when they dropped down to the Third Division, is hopeful fresh working capital will be forthcoming.

He said: "I've said all along that we need investment to get back, there's no doubt about that."

Chief executive Graham Wallace and the board agree, he says: "So it's good that everybody feels like that and shares that opinion.

"Where the investment comes from we will have to wait and see.

"In the meantime, it's good everybody agrees investment is needed.

"For us to get back to where we want to eventually be we will need investment. We lost millions when we lost all those players.

"To get back to the standard of where we were, investment is needed."

McCoist was pleased to read that King and the current Rangers board had held constructive talks during meetings at Ibrox.

And he is optimistic that any stumbling blocks can be overcome as he attempts to guide the club back to the top flight and Europe.

He said: "The fact that Dave King and the board agreed with each other's philosophy of where the club would hopefully be in the next couple of years is a good thing.

"I think that's a communal thing with all Rangers people. Everybody shares the same hope and belief of where we want to be and how we'll get there.

"Discussions on issues will take place but everybody has the same hopes and targets."

McCoist has spoken of his need to strengthen his squad this summer in order to boost Rangers' chances of winning the Championship next season and completing Stage Three of The Journey.

He has admitted that there is no guarantee he will be able to do that when Wallace, who will complete his 120-day review of company business next month, outlines his budget.

But he is encouraged that everyone involved in the ­running of the Glasgow club understands that the Gers need to be able to challenge Celtic when they return to the top flight.

McCoist said: "It's important we contend when we get back to the top. We've never made up the numbers at all.

"No matter what league we've played in or where we've played, we've always believed we've had a chance of winning the competition and I don't see any reason why that should change.

"In fact, it shouldn't change and it can't change. Consolidation is not an option. We know it goes with the territory here.

"You are expected to win the vast majority of games and you're expected to get promoted and get back in the top league as quickly as possible."

HE added: "I am doing my job. I am sitting down with Graham three times a week. We speak at least once on the phone every day.

"We speak about a full range of topics involving the football side of the club.

"We talk about the squad at the moment, potential ­changes to the squad, scouting is high on the agenda, we also talk about player and team analysis.

"All these talks are ongoing and that's an important message to get out there.

"There are a lot of issues going on outside my domain, involving the board, Dave King and the supporters.

"All three of those parties are happy for me to concentrate on the football.

"But I am encouraged by the fact that Graham is sitting down and talking to me and listening to me about where I think we need to be and about some of the things that I think need to be established.

"That in itself is encouraging."

Despite not having a scouting network in place at Rangers at the moment, McCoist and his back-room team have been identifying players they would like to bring to Ibrox.

He would like to freshen his side, who managed to win League One with seven games to spare this season, before they launch an assault on the second tier.

He said: "Graham and the board are aware and understanding of the fact that we feel we need to have an opportunity to plan for at least mid-term rather than just short-term.

"In an ideal world we would be able to plan mid and long-term rather than just short-term.

"But if it is dictated to us that next year we can only plan short-term then we will just have to deal with that.

"I want to improve the squad and we want to give the boys who are there just now a hand and get better players in to help them.

"The boys have won 28 out of 30 games and drawn two - which I think at any level of football is more than acceptable.

"But next year it is going to be harder."