David Somers appointed as Rangers chairman

New Rangers Chairman David Somers. Picture: PA

The announcement comes a day after Isle of Man-based hedge fund Laxey Partners became the club’s largest shareholders, and gave their backing to the current board.

In a statement to the London Stock Exchange, Rangers said: “The board of Rangers has appointed David Somers as permanent non-executive chairman, having previously been independent non-executive director and acting chairman.”

Meanwhile, new Rangers chief executive Graham Wallace has vowed to bring stability to the club after arriving at Ibrox for his first day of work.

The 52-year-old former Manchester City chief operating officer was appointed to his new role on Wednesday and has joined the Rangers International Football Club Plc board of directors as well as the club’s board.

Wallace said: “I think the club needs some stability, it needs some leadership, and I’m very much looking forward to working with the board and the management team here to take the club back to where it should be, providing some expertise, some focus, some stability.”

Both Somers and Wallace must be re-appointed at the club’s forthcoming annual general meeting on 19 December. Rebel shareholders led by Jim McColl and former board member Paul Murray are expected to propose an alternative board to run the club.

Meanwhile, Rangers announced to the stock exchange that Sandy Easdale had retained voting rights over 23 per cent of the club’s shares despite a deal involving Beaufort Securities selling several million ordinary shares over which he had proxies for and buying another three million shares.

Sandy Easdale, who is a football club director but is not on the plc board, himself continues to own 4.37 per cent of the club.