Mike Ashley positions former Newcastle United MD Derek Llambias as Rangers director
Former managing director of Newcastle United Derek Llambias has been appointed non-executive director of Rangers, after being nominated by Mike Ashley's venture Mash Holdings.
Llambias, who is a long-time associate of Ashley, had been acting as a consultant for the club after the sudden departures of chief executive Graham Wallace and finance director Philip Nash. Both men left last week after Ashley called for their removal from the board.
The Sports Direct founder has agreed a six-month interest-free loan of £2m to help study the troubled club's finances. It is secured against Edmiston House and the Albion car park.
A statement this morning said that Llambias had been appointed as part of an agreement with Mash Holdings not to demand a general meeting ahead of the AGM in December.
Llambias will be subject to re-election by shareholders at that point. It is thought he could eventually take the reins as chief executive.
Llambias was managing director of Newcastle United, which Ashley owns outright, from 2008 to 2013.
Sports Direct's head of brands Barry Leach is also acting as a consultant for the club.