Rangers boss Ally McCoist is angry the club has sold its shares in Arsenal.

The latest revelation centres on owner Craig Whyte selling the Arsenal shares, which formed a link between the clubs dating back to 1910, for £230,000 to the Russian businessman Alisher Usmanov's Red & White Holdings. Those funds were not even paid into Rangers' own bank account.

Rangers came to Arsenal's aid during a financial crisis, buying two shares at the time. Twenty years later the London club handed Rangers 14 shares for free in gratitude for their help, cementing a relationship between the two clubs.

McCoist said: "I'm extremely disappointed in some of the things unfolding - not least the situation with the Arsenal shares. That's a particularly sore one for a Rangers supporter. I don't think me voicing any opinions at this moment in time - pointing fingers of blame or saying this, that or the other - is going to help anybody.

"With that in mind I'll keep my own counsel on my own views. But selling the Arsenal shares was a really sore one. Something like that is your history, your heritage. Not only that, it's a great story between the two football clubs. So that was really sad."