Ally McCoist hopeful Madjid Bougherra will stay at Rangers

The Algeria has expressed a desire to quit the Scottish champions and play in the Barclays Premier League (GETTY IMAGES)

Rangers manager Ally McCoist has refused to give up hope of persuading Madjid Bougherra to remain at Ibrox.

The Algeria defender - who has a year left on his contract - has expressed a desire to quit the Scottish champions and play in the Barclays Premier League.

McCoist is keen to retain the services of Bougherra and is also hopeful that Allan McGregor, Steven Davis and Steven Whittaker will commit to new deals.

Speaking in the Scottish Daily Express, the Rangers boss said: "On the contract front, I have spoken to a few of the boys and the feedback on the talks has been positive.

"Hopefully we can get all the boys signed up on new contracts, including Madjid.

"He is a player I definitely want to keep at the club."

Meanwhile, Rangers' new owner Craig Whyte has revealed in a circular addressed to the club's shareholders that he could waive the debt he took on from Lloyds Banking Group depending on the outcome of an ongoing tax case.

Rangers are under investigation by Her Majesty's Revenue and Customs over offshore payments made to players from 2001.

Whyte, who acquired Sir David Murray's majority shareholding in the club last month, is confident of winning the tax case.

The circular to shareholders stated: "If the club has not suffered an insolvency event within 90 days of the club's appeal in relation to the tax claim brought against the club by HM Revenue & Customs being finally determined, then The Rangers FC Group will either waive the debt that it has acquired or convert it into equity by way of an issue of new voting ordinary shares in the club."

Whyte also revealed himself to be the sole owner of Liberty Capital Limited, the company who own The Rangers FC Group.

In relation to squad development, the circular went on to say: "The Rangers FC Group has undertaken to provide £5million for investment in the playing squad.

"The Rangers FC Group has stated its intention to invest, or procure an investment of, £20million by 2016 for investment in the playing squad."

Whyte signed off a letter to shareholders by saying: "As a keen Rangers supporter I look forward to helping the club secure its future as a leading force in Scottish and European football."