AND so it is over.

And so it all begins again today.

The three-year reign of Ally McCoist as Rangers manager ended last night. But as the board sought to defuse one problem by placing their manager on ''gardening leave'' directors are now braced for what will be a turbulent, dramatic annual general meeting at Ibrox this morning.

As late as yesterday evening, McCoist expected to be at today's meeting. Then a call was made.

The Rangers manager will thus be spared the verbal conflict that is certain to be waged as the board now faces its shareholders with a £8m hole in finances and a managerial vacancy.

The speedy departure of McCoist was inevitable once he submitted his resignation 10 days ago. Rangers stuck to the line that they would let him see out his 12-month notice period and the manager announced his willingness to adhere to that demand.

The meeting last week between McCoist and Derek Llambias, now chief executive of Rangers, and Sandy Easdale, chairman of the football board, was cordial but it lasted only 40 minutes so it can be safely assumed it was not a discussion marked by offer and counter offer.

It left McCoist with the task of taking the team against Livingston. This match provided three points but also gave evidence that the status quo was untenable. The attendance was given as 28,053 but no more than 15,000 supporters were inside Ibrox to watch a 2-0 victory that was marked by a lack of conviction, even confidence in the side.

McCoist was a lame duck and the side was progressing with a distinct limp.

A flurry of calls and discussions overnight and into yesterday afternoon made it obvious that the manager had to be relieved of his duties immediately. Rangers, who need to play in the SPFL Premiership next season to adhere to any redemptive business plan, are nine points behind a Hearts side that plays its game in hand against Cowdenbeath tomorrow.

McCoist, who had been questioned by press of his intentions over the annual meeting on Saturday, was told last night he would not be required to attend, indeed that under the conditions of his "gardening leave" he will be unable to visit Ibrox or Murray Park.

The search now begins for a replacement with Billy Davies, the former Motherwell, Derby County and Nottingham Forest manager, an early favourite with bookmakers but with most informed observers expressing strong scepticism about his chances.

It is highly probable that Kenny McDowell, McCoist's assistant, will be asked to take the team, at least in the short term. But being Rangers, there is the scope for a bolt from the blue. There was speculation from informed sources last night that Mark Hateley, the former player who has recently prompted the ire of McCoist, was a candidate.

The immediate task of the board, however, is not to replace a manager but to negotiate this morning' s annual meeting. The departure of McCoist may have the effect of diverting attention from some of the more pertinent questions regarding finance that would have been directed at them, particularly over the increasing influence of Mike Ashley, the Newcastle United owner, at the club.

The abrupt departure of McCoist has the hallmarks of Llambias, who worked with Ashley at Newcastle and has a well-deserved reputation for making difficult decisions quickly.

McCoist's resignation triggered a clause in his contract that restored his salary to £750,000 so Rangers need to keep paying this while recruiting another manager and his staff and coming up with £8m to see out the season. There are other financial imperatives but these are the most immediate. The board has to explain how it will do all of this to shareholders this morning. It is likely that McCoist will be given a negotiated pay-off in the medium term.

The major problem for Rangers, though, is how to deal with the challenges that threaten the club. The board needs to convince shareholders this morning - and the wider fan base - that there is strategy to improve the side to such an extent that promotion is almost certain and to ensure a stable future for the club.

The fans have to buy into any plans. Ashley is likely to emerge as the short term saviour this morning. However, he will have his price and it will have to be paid through season tickets and merchandising.

One shareholder will not be there to hear any announcement. McCoist the holder of 3% of the club, can not enter Ibrox.

And so it goes on . . .