He retired from frontline politics in 2007 following Gordon Brown's appointment as Prime Minister, taking on a role as the Chairman of Celtic Football Club. After stepping down as an MP in 2010, he was nominated for a life peerage in the Dissolution Honours and elevated to the House of Lords. Reid took a leading role in the campaign for a "No" vote in the 2011 AV referendum, appearing alongside Conservative Prime Minister David Cameron, and also took a leading role in the campaign opposing Scottish independence.