Walter Smith, who won 21 trophies in two spells as manager of Rangers Football Club, has resigned as chairman of the Scottish soccer club with immediate effect, the Glasgow-based club said in a statement to the Stock Exchange.
Rangers Football Club said Walter Smith agreed to a one-year contract to remain in charge at the Scottish soccer champion. Assistant manager Ally McCoist and first team coach Kenny McDowell agreed to two-year deals.
Alex Ferguson faces a trip to the team he supported as a boy after the Champions League soccer draw paired Manchester United with Rangers. For the Scottish champion, the financial boost is more important than sentiment.