Rangers: Philip Nash becomes the latest appointment to board

Rangers have appointed financial consultant Philip Nash to their board of directors.

The former Arsenal and Liverpool executive will assume the position immediately, having been a consultant at Ibrox since January 2014.

An accountant and former banker, Nash was brought to the club by chief executive Graham Wallace.

He assisted with the 120-day business review and continues to advise on finance and operational issues.

The 42-year-old is considered a close ally of Wallace, who has admitted that the club needs external finance and has stated his intention to hold a share issue in the autumn.

Rangers chief executive Graham Wallace

Rangers chief executive Graham Wallace

Nash spent seven years at Arsenal, during which time the club relocated from Highbury to the Emirates Stadium.

He then joined Liverpool as chief financial officer, where he was credited with a significant role in the £20m shirt sponsorship deal with Standard Chartered.

However, as with the presence of PR man Paul Tyrell at Ibrox, Nash is only employed on a consultancy basis and his elevation to the board is not an indication of him taking on a longer-term post.

"His role has expanded such that the board believes that it is appropriate for Mr Nash to serve as a director of the company," Rangers said in a statement to the stock exchange.

"It is not currently envisaged that he will remain with the company on a permanent basis."

The financial situation at Ibrox remains precarious, with the club recently announcing that only 17,000 fans had renewed their season tickets, down 50% from last year.

That reflects discontent amongst the fans at the ownership regime, but is also contributing to the board's need to seek additional finance.

There are currently 43m unissued Rangers International Football Club shares, which can be offered to existing shareholders at a discounted price from the current market price of 31p.