The cash crisis at Sevco accelerated today with Finance Director Philip Nash, who used to work for Liverpool and Arsenal, quitting the club.
Mr Nash is the subject of an EGM motion calling for his removal, put forward by Micky Ashley who also wants to ditch Graham Wallace, who used to work for Manchester City, from the Sevco board.
In July Mr Nash joined the board after a period as a financial adviser with the club announcing: “His role has expanded such that the board believes that it is appropriate for Mr Nash to serve as a director of the company.”
As the latest boardroom shuffle takes place the annual accounts for the year to 30 June 2014 remain unpublished raising fears that the club can’t be signed off as a going concern.
Without audited accounts the club can’t have another share issue forcing the board to look for loans to stay in business.
Mr Nash’s decision to resign from the board that he joined in July appears like the move of a man eager to steer clear of an administration event.
Last week Mr Nash and Mr Wallace were involved in a tyre-kicking exercise with Dave King who returned empty handed to South Africa yesterday with no sign of a deal to rescue the club.
The sudden return of King has been followed by the return to the Ibrox scene of Brian Kennedy who is reported to be willing to match Mr Ashley’s £16m investment plan.
The Mr Ashley plan is believed to be conditional on gaining the rights to the club trademarks with reports that Mr Wallace and Mr Nash blocking that proposal before the September share issue raised £3.13m.
While the club lurches from shambles to shambles the SFA have remained silent despite obvious issues with the involvement of Mr Ashley and Mr King. Mr Ashley already owns Newcastle United while Mr King was a director of Rangers when they went into administration followed by liquidation.
The moves over the last 48 hours suggest that there could be problems meeting Thursday’s October payroll with the November wages already requiring additional funding if they are to be met.