The 29-year-old has signed a two-year extension to his previous deal, which was due to expire next summer. "At the end of the day, Rangers and Celtic cannot compete with the finances in the Premier League, that is where we are at at this moment in time and obviously, Steven being a proud Englishman being back in a league he served so well as a player, he will want to cut his teeth as a manager there as well. Compensation of between £3.25-4m was agreed with the Scottish champions for the former Liverpool midfielder and his assistant Gary McAllister. St Mirren threatened next and McGrath was not far away with a volley that drifted narrowly wide.