The Ibrox club have spent big on new additons such as Youssef Chermiti, Bojan Miovski, Thelo Aasgaard, Antman and others. But so far it is not translating into performances and results on the pitch as they sit 10th with no wins from five.
Fans voiced their displeasure again during Saturday’s defeat to Hearts but club chiefs are standing by manager Russell Martin for now.
The money spent on summer signings was offset by sales of the likes of Jefte, Ridvan Yilmaz, Hamza Igamane and Cyriel Dessers. But McCoist feels that money could have been spent more wisely.
He picked out the £4.5million splashed out on making Oscar Cortes a permanent player before sending him out on loan to Sporting Gijon as a particularly bad piece of business.
Speaking on talkSPORT, the Rangers legend said: “I can understand the fans to a certain degree. The fact is that Rangers have spent an awful lot of money.
“They’ve brought an awful lot of money in. Igamane going out for the best part of £10m, Jefte’s away, Dessers is away, Yilmaz, Propper.. So they’ve probably brought in about, I don’t know, £25m, whatever it may be.
“But the problem is they’ve spent a lot of money as well. You spend £4m on Antman. £3.5m on Aasgaard. This is the one I can’t believe – you spent £4.5m on Oscar Cortes and put him out in loan. I mean, that is just unacceptable. Absolutely unacceptable recruitment.
“But it goes deeper than that. Straight away, you spend £9m or £10m on Chermiti – give the lad a chance, he’s only just in the door – but he’s going to be a gamble. And I’m thinking to myself, I don’t care what anyone says, you’re better with the player you know.”
Abdallah Sima and Vaclav Cerny are two players who have cut the mustard when on loan at Rangers in the past and completed transfers to new clubs this summer.
McCoist would have snapped both up along with the man who scored a double against them on Saturday, Lawrence Shankland.
“I would have gone and got Sima and Cerny,” he admitted. “Two players that you know can perform at Rangers, have done well at Rangers, know the league, know the club, instead of taking another gamble.
“Rangers and Celtic are fantastic places to play when things are going well. They are unbelievably difficult places to play when things aren’t going well.
“One of my concerns with Rangers is when things are not going well, the supporters can make that place a unbelievably difficult place to play. And I’m looking at the mettle and the makeup of the squad, and I’m not sure it can handle it, to be honest.
“Well beaten at the weekend by a good, organised Hearts team. Incidentally the irony of Lawrence Shankland, who Rangers should have got 18 months ago – and I believe would have won them the league – he scores the two goals.