LONDON (Alliance News) - Rangers International Football Club PLC Wednesday appointed ex-Manchester City executive Graham Wallace as its new chief executive.
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.
"I am honoured to have been selected as CEO of Rangers. I am looking forward to meeting the challenges and leading the club to ensure that its off-pitch success matches the performance of the team," Wallace, 52, said in a statement.
Rangers shares were down 2.4% at 41.5 pence Wednesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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