Smith (left) addressed shareholders at Rangers' annual meeting

Rangers manager Walter Smith has told the club's annual meeting that he will not be reversing his decision to leave at the end of the season.

There were calls by shareholders for him to perform a U-turn and extend his second spell with the Glasgow club.

But he said: "I've made my decision. It was an awkward one, but it's the right thing for me and the club.

"The last time, I maybe hung around for too long. This time, I didn`t expect to be back for as long."

The 62-year-old, who managed Everton and Scotland between his spells with Rangers, has won two Scottish titles since returning to Ibrox in 2007 following the sacking of Paul le Guen.

The job needs a younger person to give an edge Rangers manager Walter Smith

Rangers' debt problems, which had restricted his dealings in the transfer market, meant that he finished last season without a contract.

He eventually signed a new one-year deal in May, saying he would leave next summer, with the intention being to hand the reins to assistant Ally McCoist.

Rangers chairman Alastair Johnston recently hinted that he had not given up hope of persuading Smith to stay.

But Smith told shareholders: "The job needs a younger person to give an edge, with continued motivation to overcome the problems at the club.

"That's something I've found difficult on occasions. As you get older, you're tolerance levels get shorter.

"It's best for both parties - I will not change my mind."

Smith stressed that it was not yet certain that McCoist would replace him in the summer.

However, he added: "I hope that will be the case. He certainly has the required enthusiasm and motivation."

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