AN ACCA FELLOW has been named independent non-executive director of Glasgow Rangers FC, as the Ibrox club continues its search for a new chief executive.
David Somers will serve as acting chairman and lead the process of sourcing a new club CEO to replace previous incumbent Craig Mather, who left on 16 October. Somers will also look to add further “high calibre” non-executive directors to the board.
He has spent all his career in fund management, notably as chairman of the Shepherd Network and later the Shepherd Friendly Society.
It has been a turbulent time for the 54-time Scottish champions, now playing in Scottish League One – the third tier – following an insolvency process in 2012 which resulted in the liquidation of the club’s holding company and the creation of a newco housing the club. Rangers was penalised with relegation to the basement division – then known as the Scottish Third Division, now Scottish League Two – which it won last season by a huge margin.
The club still faces an upper-tier tribunal hearing next year as HM Revenue & Customs challenges an employee benefit trust (EBT) it used to pay players tax-free.
Last year the taxman was defeated at a first-tier tribunal, which ruled in favour of Rangers’ use of the EBT. The ruling said the club had legitimately used the scheme between 2001 and 2010 to pay £47.65m to players and staff in tax-free loans.
Somers is currently a non-executive of ACE Europe Life, part of the ACE Group of insurance and reinsurance companies; non-executive director and chairman of audit and risk committee of Europe Arab Bank; independent trustee and chairman of the investment sub-committee at Fujitsu Technologies International Pension Plan and chairman of the investment committee at TCF Investment Managers.
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
After a seven-year saga, a result has been reached between Margaret May and CIMA over misconduct
Top 25 firm HW Fisher & Co has acquired London firm Rhodes & Rhodes
Top Ten firm Smith & Williamson has appointed Rupert Phelps as a partner