RAY WILKINS sees no problem with his former club Rangers following in the footsteps of Newcastle and renaming their stadium if it means generating extra cash.

The debate is back on the agenda after the English side this week announced St James' Park will now be called the Sports Direct Arena after owner Mike Ashley's retail company.

It is understood Rangers chairman Craig Whyte would consider renaming Ibrox, albeit the idea is not actively being discussed at the moment.

The Scottish champions are involved in a dispute with HMRC that could leave them facing a tax bill of £49million if they lose the case and the possibility of being placed in administration.

With ongoing concerns over the club's financial future, the Rangers Supporters Assembly have already conceded they may have to reluctantly accept an Ibrox name change at some stage in the future - a stance which has been welcomed by Wilkins.

He said: "I'm quite pleased that they realise the severity of the problems that we have and, if they can generate a few quid by selling the name, all well and good.

"I don't really see a problem with that. It is the way ahead and it's nice to see that people are open-minded about it as well."

Wilkins, who spent two years at Rangers between 1987-89, added: "I will always know the stadium as Ibrox. End of.

"Now, if it can generate some money by selling the naming rights, then all well and good."

Off-field issues may be a cause for concern but Rangers are delivering results on the park and currently boast a 12-point lead over rivals Celtic at the summit of the Clydesdale Bank Premier League.

Reflecting on the success enjoyed by his old team-mate Ally McCoist, who took over as manager from Walter Smith in the summer, Wilkins smiled: "I'm not surprised to see that blaggard doing well.

"He, when I was fortunate enough to play here, was probably the best I've ever seen in a dressing room with regards generating an atmosphere.

"I would imagine that's the way he has gone about his coaching and managerial career, in the same fashion.

"It really doesn't surprise me at all. They've got to remain focused and keep blasting away in the SPL."

Asked if he saw any signs that McCoist the player had the potential to be a future Rangers manager, Wilkins admitted: "Nothing whatsoever, I have to say. But I think he has surprised a lot of people.

"He is a very, very intelligent man and he's got a great backroom staff as well so it doesn't surprise me they are doing well."

Wilkins was in Glasgow today for a fundraising lunch for The Prince & Princess of Wales Hospice.