Soccer:Rangers manager Walter Smith has agreed to work without a contract when his current deal expires next month, chief executive Martin Bain revealed today.

Bain told Rangers shareholders that Smith, assistant Ally McCoist and first-team coach Kenny McDowall would all stay on without signing new deals while majority shareholder David Murray tries to sell his stake in the club.

Speaking at the club’s annual general meeting, Bain said: “To clarify the position of Walter Smith and his assistants with regard to contracts, we are lucky to have a management team who are all true Rangers supporters.

“Walter, Ally and Kenny have agreed to work without contracts to protect the club from having a management team that new owners might not want.”