Derek Llambias to take reins at Rangers?

Former Newcastle United managing director Derek Llambias is reportedly close to taking up a position at Rangers.

The Scottish club have announced that chief executive Graham Wallace has stepped down from his position at Ibrox, just three days after director Philip Nash also resigned from his post.

The Glasgow outfit have accepted a £2m loan from Newcastle United owner Mike Ashley, who has increased his stake in the club to 9% and sparked the boardroom changes.

As part of the deal, Ashley will now be allowed to replace Wallace and Nash with his own directors.

According to PA Sport, Llambias will fly into Glasgow tonight to begin work at Rangers.

Llambias, who is a long-term friend of Ashley, resigned from his role at Newcastle last year.