Ally McCoist has admitted that an end to Rangers' long-term funding problems before the New Year and the possibility of strengthening his squad during the January transfer window would be a fillip in their battle for the SPFL Championship.

Dave King, the South Africa-based businessman and former board member, has submitted a £16m offer with his associate, George Letham, aimed at securing a little more than 50% of the Ibrox club through a new share issue.

McCoist says he has no inside information on the progress being made and does not dare to predict whether an annual general meeting, to be held before December 31, will even be asked to make a major decision on the make-up of the power structure within.

He had, though, revealed that he is doing what he can - Rangers have no kind of scouting network - to keep an eye on the market in the hope that there may be an opportunity to bring in some new faces at what is likely to be an important time in a fierce contest with Hearts for the title.

"It would be brilliant if there was some kind of funding solution before the end of the year, but we're not expecting it or relying on it," said McCoist.

"The club and the football side of the club definitely needs investment at some point in the future. We don't have a timescale for it, but it certainly will have to happen for the benefit of the team.

"We haven't heard anything for three or four days now so I'm not hanging on with bated breath but, at the same time, I'm very, very hopeful that we could have some good news in the coming days or weeks.

"We attempt to keep ahead of the game. We don't have a scouting system, but we still watch players and look at those who are out-of-contract. Our IT guy, wee Stevie, keeps us up to speed with that.

"The world is a small place now and it's easier to scout and see games from different countries. It is far from ideal, but that's what we are doing. One or two signings in January can make all the difference. I can go back to us signing Graham Roberts from Spurs in 1987. He was a fantastic signing for us and helped us kick on. Graeme Souness was always keen on January signings."

Whether King's deal is the answer or Mike Ashley, the owner of New­­castle United and the leisurewear firm Sports Direct, comes up with an alternative proposal, the fact remains that there are grave concerns over Ran­gers' ability to meet the wage bill over the coming few months.

"Nobody has told me that could happen or that I should fear for that and I would think that somebody would tell me if we have a major problem," said McCoist. "I'm not going to worry about it until someone tells me that it's going to happen."

McCoist takes his side to East Fife this evening for their Petrofac Training Cup quarter-final. He is likely to keep Jon Daly on the substitutes' bench despite his two goals in the weekend's 6-1 defeat of Raith Rovers in the league, but he has praised the Irishman for his attitude in the wake of knee surgery in the summer.

"With the greatest of respect, I probably didn't do him any favours at all last year by asking him to play when he shouldn't have," confessed McCoist. "We just didn't have anyone else to play up front and big Jon kept putting his hand up. We could all see he needed a rest towards the end of last season."