News emerged on Friday afternoon that McCoist had handed in his resignation but after being pumped by Queen of the South the 52-year-old refused to confirm or deny the news he had created.
Business as usual was the message as McCoist went through an interview with BT Sports and the general media conference but this morning his departure has been confirmed.
In the club accounts to June 2013 McCoist’s salary was declared at £825,000 with no mention in the most recent accounts despite claims he had taken a pay cut.
That ‘pay cut’ was simply a deferral with the full rate, £750,000, restored now that he has announced that he’ll be walking away in a year’s time.
An announcement to the Alternative Investment Market said: “The Company announces that Alastair McCoist, manager of the first team squad, has resigned. His service contract dated 28 December 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 GBP750,000 per annum.”
This development will put fresh pressure on the Sevco board who are staring administration in the face after requiring a share issue and two emergency loans to reach December.
The detail of McCoist’s contract remains confidential with speculation that a pay-off would range from £400,000 to £1.5m.
With his walkaway decision confirmed the board have to decide whether to keep him on as manager or put him on gardening leave.
McCoist’s fate is linked to that of assistants Kenny McDowall and Ian Durrant with the club clearly unable to remove all three and bring in a fresh management team.
News of his departure comes at the same time as five men have appeared in court in connection with various activities at the club with former Rangers (IL) owner Craig Whyte promising explosive revelations.
With the club announcing details of his mammoth salary McCoist faces the dilemma of accepting a cut price pay-off or facing the fury of 15,000 angry fans at Saturday’s home match with Livingston. Should the former Question of Sport skipper say a word out of line he can expect immediate dismissal.