Get your daily update and weekly newsletter by signing up today!


Monday: Stock exchange statement – Rangers Chairman resigns

7 years ago

A Monday morning stock exchange announcement has confirmed the Rangers Chairman resigns.

Mike Ashley ally David Somers has left the board, though the likes of Barry Leach and Derek Llambias still remain.

The news follows the resignation of another Rangers Director, James Easedale, who resigned last week.

The double removal is believed to be in advance of the fact that rebel shareholder Dave King and others, along with the fans, have gathered enough votes to remove the board at the EGM later this week.

However, with the club heavily in debt to Mike Ashley via the loans through Sports Direct and secured on key Rangers assets, plus the crippling merchandise arrangements also in place with the Newcastle owner, the battle is hardly won just yet for those in Scotland trying to escape Mike Ashley’s clutches.

In addition, the Ashley SD loans include his right to appoint two people to the board, no matter what happens this week with the vote.

Like Newcastle fans, those north of the border will find it isn’t a simple matter to go your separate ways.

Rangers announcement to the Stock Exchange:

The Company announces that David Somers, Chairman, has resigned from the boards of the Company and its subsidiaries, with immediate effect.

Commenting on his resignation, David Somers said:

“I have resigned as Chairman of Rangers International Football club plc.  I have worked in the City of London, the world’s greatest financial centre for decades and enjoyed considerable success.

“When I was approached about the Chairmanship of Rangers, friends warned me that the world of football has different rules and codes of behaviour. I now know that is a gross understatement.

“I am a non-confrontational man and have always tried to bring harmony to boardrooms and with stakeholders. At the risk of antagonising my army of critics I would point out that Rangers managed to pay its bills and avoid going under during my tenure. These critics might not agree with how we achieved this.

“I look forward to alternative solutions from whoever is running the club in the future.  Despite the personal attacks on me from various sources I genuinely wish the club the very best in the future and I am confident that with such a passionate and vociferous fan base they will be restored to their former glories.”


If you would like to feature on The Mag, submit your article to [email protected]

Have your say

© 2022 The Mag. All Rights Reserved. Design & Build by Mediaworks