Alex McLeish will continue as manager of Rangers after receiving the full support of club chairman David Murray.
Murray told BBC Scotland: "We had a meeting today and I feel that it is correct and appropriate that Alex should remain manager of the club.
"It was also important that he could re-assure me that he is committed and I'm pleased we're sticking together.
"He has been battered by criticism, but I believe in Alex and I believe in this group of players."
On Tuesday, McLeish became the first manager of a Scottish club to reach the knockout stage of the Champions League after the 1-1 draw at Ibrox with Inter Milan.
But the former Hibernian and Motherwell boss has endured a poor domestic run, which has left Rangers trailing 17 points behind Scottish Premier League leaders Celtic.
Murray also refuted claims he had offered the manager's post to any other managers during the recent turbulent times.
"I told Alex what I would do if it didn't work out and we needed a Plan B," he said. "I kept him on board at all times, but I never offered the job to anybody else.
"It would have been easy for me to say to 'we should end this' and somebody else would have had the benefit of players coming back from injury.
"But why should anyone else get the Rangers blazer to go to the Nou Camp or Anfield or Stamford Bridge? Alex deserves that.
"I won't deny our domestic results have been poor, but it would be wrong to dismiss the achievement of reaching the last 16 of the Champions League."
Murray had announced in mid-November that McLeish's position would be reviewed after the final Champions League group match against Inter.
BBC Sport understands former Lyon manager Paul Le Guen rejected more than one approach, while Charlton boss Alan Curbishley has denied any contact from Rangers.
Former Rangers manager Graeme Souness, former Hearts chief George Burley, Motherwell manager Terry Butcher, Preston's Billy Davies and former Monaco coach Didier Deschamps had all been linked with the Glasgow club.