Smith may quit Ibrox if Bain is axed

RANGERS boss Walter Smith was today understood to be ready to quit Ibrox if their bankers force chief executive Martin Bain to leave.

Bain is believed to have been targeted by Lloyds Banking Group as they attempt to make cuts at the club.

Smith refused to make further comment ahead of tonight’s Co-operative Insurance Cup clash with Dundee at Dens Park.

But the veteran Gers boss is known to be close to Bain and sources say Smith will step down if he is squeezed out.

The Government have even stepped in to prevent Rangers from going into meltdown.

Scottish secretary Jim Murphy held talks with Lloyds as the financial giant insisted they are not running the club, as Smith had claimed.

Murphy stepped in following reports the banking group, 43% of which owned by the taxpayer, had threatened the club with administration over its debts.

Smith claimed the bank was now effectively overseeing the club’s spending and that all the players had been up for sale since January.

Current majority shareholder Sir David Murray has declared his intention to sell his interest in the Light Blues, who are carrying debts of about £30 million.