Rangers manager Ally McCoist has recognised that it will take time for the former Scottish Premier League champions to "recover" following their drop into the Third Division of the Scottish Football League.

The Glasgow-based outfit were handed a spot in the third tier of the SFL after being rejected from the top flight of Scottish football following their switch to a newco.

"I fully accept the decision of the SFL today and thank them for allowing us into the SFL," said McCoist. "Clearly, starting again from the bottom league is not ideal and makes the task of rebuilding Rangers a longer one but the SFL was placed in an impossible situation and I respect its decision.

"I fully supported the fans views that starting again in Division 3 maintains the sporting integrity that the SPL clubs were so keen on. The SPL clubs and the SFA have made their positions clear over the last few weeks and it remains to be seen what the long-term effects of their decisions will be.

"Rangers has been severely punished for the actions of some individuals who previously ran the club and it will take time for us to recover but we will come back stronger thanks to the loyalty of the fans and the commitment of everyone at Ibrox who are working tirelessly to bring stability and success back to Rangers."

Meanwhile, the club have claimed that they are unsure of whether to pursue plans of an SPL2.