22nd Nov 2013 12:41
LONDON (Alliance News) - Rangers International Football Club PLC said Friday that it had appointed David Somers as its permanent non-executive chairman, two days after it appointed ex-Manchester City executive Graham Wallace as its new chief executive.
Somers was previously appointed acting chairman and independent non-executive director November 7 to replace Walter Smith, who stepped down in August.
Rangers said that Somers is subject to re-appointment at its upcoming annual general meeting on December 19.
Wallace was chief financial officer of Manchester City and then its chief operating officer at a time when the club was bought by an Abu Dhabi investor which pumped millions into the club, pushing it to its first top-flight English football league title in 2012 for 44 years.
The situation at Rangers is somewhat different. It is the most successful club in Scotland, but was relegated from the top division before the start of last season after it went into administration under the weight of a large debt burden and as the tax man claimed back money it said was owed for a large number of years due to undisclosed payments made to players.
Its recovery from administration has also been difficult as it has been hit by in-fighting and board resignations.
Shares in Rangers were trading up 3.3% at 42.875 pence Friday afternoon.
By Hana Stewart-Smith; [email protected]; @hanassallnews
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