 Rangers owner Sir David Murray is looking to sell his stake in the club
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Rangers have confirmed that manager Walter Smith has agreed to work without a contract when his current deal ends next month.
The 61-year-old had already indicated that he was happy to do so following financial problems being suffered by the Scottish champions.
And chief executive Martin Bain confirmed the arrangement when he addressed Monday's annual meeting.
Smith is in his second spell as manager of the Glasgow club.
He recently stated that the club's banker, Lloyds, was running Rangers, although that was later disputed by the club and the bank itself.
But, with only loan signing Jerome Rothen arriving at Ibrox in 18 months, Smith has concerns about the limited budget at his disposal.
And, despite a strong domestic showing, Smith saw his side crash out of the Champions League before their final Group G match, against Sevilla on Wednesday.
Rangers shareholders had the opportunity to ask the board about the club's future at the agm at Ibrox Stadium.
It promised to be a lively meeting, given Rangers' debts stand at more than £30m and owner Sir David Murray is still seeking a buyer for the club.
Shareholders probed chairman Alastair Johnston about potential investors and about what influence the bank holds, but confirmation of Smith's contract situation was the first news to emerge from Ibrox.
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