While their fit and proper person guidelines have been shown up by the appointments of Charles Green and Craig Whyte the laws regarding directors of clubs in insolvency events are clear cut.
Rule 10.2 (j) in the SFA’s Articles of Association excludes anyone who has been a “director of a club in membership of any national association within the five-year period preceding such club having undergone an insolvency event”.
Last night it emerged that Murray and McClelland could be appointed to the Sevco board in an attempt to avoid holding an EGM.
Both men were directors of Rangers (IL) until May 2011 and should be banned from being a director of any football club until May 2016.
With Campbell Ogilvie as President and Stewart Regan running for cover it is likely that the SFA will attempt to find a way around that ruling if recent events are any guideline.
Despite Rangers going into liquidation a highly secretive five way agreement was conjured up which attempted to place the newco into the SPL without any audited accounts.
A year after being given the red carpet treatment Sevco have still to produce audited accounts with the moves to bring in Murray and McClelland an attempt to avoid staging an EGM.
Led by Carmunock based billionaire Jim McColl a request by a group of rebel shareholders has been made for an EGM to remove three current directors and appoint Murray alongwith Frank Blin.
With briefing and spin the order of the day the usual suspects were contacted last night with news of the compromise which will see Blin and Murray appointed to the board alongwith Sandy Easdale while Craig Mather, Brian Stockbridge and Billy Smart stay on board.
An AGM is expected in October but that will only be possible if audited accounts are released for shareholders to view.
With Mather recently admitting that ‘there is £10m in the bank’ despite a share issue in December of £22m it’s debatable whether any accountant will sign off the accounts confirming that the new club is a viable going concern.
The logic and benefits of appointing two directors who signed off the accounts of a club that ended up in liquidation seem uncertain.