It has been confirmed that Walter Smith will continue as manager of Rangers without a contract after his current one ends in January. It had previously been reported that the cash strapped club could not afford to offer the manager a new contract, and Smith, 61, had said that he was prepared to work without one until a buyer could be found. The Rangers boss said in October: "If a new owner comes in, he might want to change the manager. There’s no point me doing anything until the situation has cleared up."

The news was confirmed by chief executive Martin Bain today at the club’s AGM. Smith in his second spell as the Ibrox boss sees his team sitting second top of the SPL behind Celtic albeit with a game in hand and out of the money spinning Champions League before their final group match on Wednesday against Sevilla. With debts in excess of £30m and no sign of a buyer on the horizon, it looks like Rangers will have to struggle on with a manager out of contract and no funds available to strengthen the current squad.

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