Former Newcastle United managing director Derek Llambias has been appointed to the Rangers board as a non-executive director.

Llambias was thought to have been the favourite to be named chief executive of the Scottish outfit following the recent resignation of Graham Wallace.

However, a statement to the Stock Exchange confirms that Newcastle owner Mike Ashley, who effectively took control of Rangers by offering them an emergency £2m loan, has opted to place Llambias in a consultancy role.

Llambias, who is a close friend of the businessman, was appointed as Newcastle managing director shortly after Ashley's takeover in 2008, but stepped down in 2013.