Rangers, who have won 54 Scottish League titles, suffered a 10 point deduction in the league last season with members of the squad taking wage cuts to help keep the club afloat.

They've recently faced more sanctions, with a 12-month transfer embargo placed on the club, leading McCoist to think that starting a fresh would be the best option.

"It's an unbelievably drastic measure and one that will have a huge impact on Scottish football," McCoist said.

"It won't be good for everybody but if they keep putting these sanctions on us and make it difficult for us to defend ourselves then maybe it will be the right thing.

"But make no mistake about it, it won't be good for everybody."

There are fears the Ibrox club still have to face the worst of their problems.

As well as the transfer embargo, the club have been fined 160,000 pounds for a collection of offences including bringing the game in to disrepute.

"The governing body of my Football Association is not doing nearly enough to help the club in its current situation," McCoist said.

"I'm not looking for sympathy, I'm looking for fairness. We are really struggling and we are not getting enough help.

"I look at Portsmouth and the English FA cannot do enough to try and help them. It's as simple as that."

Rangers are still trying to find a buyer and it remains to be seen who will step forward to take over after the latest round of sanctions.