Ally McCoist's voluntary pay cut will take immediate effect, and his wage could only return to its original level when the club is back competing in the top flight and Europe.

Details have still to be ironed out, but the manager and his coaching staff have agreed to what is almost a 50% wage cut and the general parameters of the rolling contracts on which they will be employed.

McCoist said that the decision to take a salary drop was made before the Rangers International Football Club audited accounts were published last week, in which it was revealed that he received £825,000 for the year to June 2013.

This was, though, the first time that the manager's remuneration had been recorded in the accounts in this way. Once McCoist completes negotiations with Craig Mather, the chief executive, his new salary will come into place and could in effect mirror those of many of his players, with the potential for a rising scale if the club progresses up the leagues, and possibly returning to its current level.

"It's not been agreed, to be honest with you, but that's the general [flow] of it, without going right into the actual details and numbers," McCoist said. "There is a proviso for those wages to go back up. What we have at the moment are one-year rolling contracts and there will be negotiation as we rise, hopefully, through the divisions.

"It is very important that I feel comfortable with my own salary and I can have a wee look in the mirror. At this moment, we're not that comfortable with it. We feel that, in the current climate, that it was the right thing to do. One of the positive things about this is that we set it in motion before we knew about the accounts. Any Rangers supporter in the same position as us would be doing the same."