By Wayne Veysey

22nd Feb, 2017 | 6:17pm

Betting update: Odds tumble on 45-year-old becoming new Rangers manager

By Alex Stevens

Malky Mackay has been installed as the new second favourite to become the next Rangers manager following a dramatic tumble in his odds.

The 45-year-old is behind only Alex McLeish in the betting to replace Mark Warburton, who left in acrimonious circumstances 12 days ago.

Sky Bet price Mackay, who is the performance director of the Scottish Football Association, at 7/2 to take over at Ibrox after he leapfrogged the likes of Graeme Murty, Alan Pardew and Derek McInnes in the last two days.

As reported by Football Insider, caretaker Rangers manager Murty was installed as joint favourite 48 hours ago alongside ex-Ibrox boss McLeish, who has remained one of the frontrunners over the past fortnight.

There appears to have been a surge of bets placed on Mackay, whose last manager’s post ended with the sack at Wigan in April 2015 when the club were eight points from Championship relegation safety.

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Ex-defender Mackay has also had spells as manager at Watford and Cardiff, which also ended with dismissal in December 2013.

Rangers are intensifying their search for a new manager while also attempting to bring in a director of football as part of a major management restructure.

Former Reading defender Murty has overseen two matches from the dugout, a 2-1 Scottish Premiership defeat to Dundee last Sunday and a 2-1 Scottish Cup triumph over second-tier outfit Greenock Morton.

Murty is expected to remain in charge when Rangers are next in action on Friday and make the journey north for a Scottish Premiership clash against Inverness.

In other Rangers news, this is the huge sum lost by Mark Warburton after his behind-the-scenes manoeuvrings horribly backfired.

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