As he treads water, he will have to find a new manager!
Ally McCoist's time as Rangers manager appears to be up after the club told the Stock Exchange he had resigned and entered a 12-month notice period.
It is not yet clear if he will stay in charge, or be replaced.
In a bizarre statement, it claims the 52-year-old's salary will increase to £15,000 per week.
The statement read: "The company announces that Alastair McCoist, manager of the first team squad, has resigned. His service contract dated December 28, 2010, which was subsequently amended, has a 12-month notice period ("Notice Period").
"The directors will hold discussions with Mr McCoist to seek an amicable solution in the best interests of the company, and expect to be in a position to make a further announcement before the end of the week. During the notice period, Mr McCoist's salary will increase significantly to £750,000 per annum."
Rangers lost to Queen of the South on Friday night.
McCoist took over at Rangers in 2011.