Lanarkshire-born businessman Craig Whyte reached an agreement in principle with majority shareholder Sir David Murray in early December but a formal offer has not been forthcoming.

Although there have been suggestions that such a deal could still be pushed through in the coming weeks, Bain felt Rangers had to make plans for next season with manager Walter Smith stepping down at the end of the current campaign.

McCoist accepted Bain's offer of the manager's job in December and Rangers yesterday announced the appointment, calling a media conference at an hour's notice.

However, Bain denied the timing had any significance in respect to the future ownership of the club.

"Takeovers have been discussed for some time and while there has been activity, I can't run this football club as chief executive waiting for something to happen," Bain said.

"It's business as usual for us and it's very important that we get the key people in place for next year.

"I have got a duty to our supporters to let them know who will be in charge at the end of the season.

"Rangers have to be run in the way they should be run regardless of the circumstances."

Bain appeared to show some scepticism over the prospect of a takeover but when asked about the progress, he responded: "That's a question for the Murray Group, that's the majority shareholding. I'm not involved in those discussions."

Smith put off his exit for a year as he felt it unfair to leave McCoist to deal with the club's financial problems - they were £27million in the red in June and their spending is controlled to a large degree by Lloyds TSB.

But Bain is confident McCoist is well-placed to help the team through tough financial times.

"Our club has gone through a very, very difficult period," Bain said. "What can bring the club through a very difficult period is people who know the club inside out.

"Alistair knows the key personalities and the issues we face. Being positive about the situation we have been successful, winning back-to-back championships. "

McCoist himself is comfortable with taking the job despite the challenging economic conditions.

"We have been in this situation for some time," the 48-year-old said. "We're all aware of that and know that the club is up for sale.

"In an ideal world we would have a buyer who could reinvest and the club could move forward, but that's the situation and it didn't affect my decision.

"I have not asked for any guarantees. I don't think any guarantees can be given to be brutally honest.

"We all know the financial restraints, at one point all the players were up for sale. We're really in no better position.

"But Martin and I have identified one or two players who may be coming in."