The SFA plunged a new low today by fining Mike Ashley £7,500 for his dual interest in Sevco and Newcastle United.
At the end of July 2012 the highly secretive Five Way Agreement created a conditional SFA membership for Sevco less than 48 hours before the season was due to start.
As well as negotiating a transfer embargo to allow the new club to recruit players the agreement allowed Mr Ashley to take upto a 9.9% stake in the club provided he didn’t exert any boardroom influence.
With his call for an EGM forcing the removal of two directors followed by appointing his own nominees then dumping five starlets on loan the Newcastle chief has shown his contempt for the SFA.
Rather than suspend Sevco’s membership for breaching the Five Way Agreement the SFA have fined Mr Ashley £7,500- less than half a week’s wages for a gardener.
Today the SFA announced: “Disciplinary Rule 19: Except with the prior written consent of the Board: (a) no club or nominee of a club; and (b) no person, whether absolutely or as a trustee, either alone or in conjunction with one or more associates or solely through an associate or associates (even where such person has no formal interest), who: (i) is a member of a club; or (ii) is involved in any capacity whatsoever in the management or administration of a club, or (iii) has any power whatsoever to influence the management or administration or a club, may at the same time either directly or indirectly:- (a) be a member of another club; or (b) be involved in any capacity whatsoever in the management or administration of another club; or (c) have any power whatsoever to influence the management or administration of another club.
“Outcome– Mr Ashley was found in breach and a fine of £7500 was imposed.”
Announcing the granting of temporary membership for Sevco in 2012 Stewart Regan said: “We are pleased to confirm that agreement has been reached on all outstanding points relating to the transfer of the Scottish FA membership between Rangers FC (In Administration), and Sevco Scotland Ltd, who will be the new owners of The Rangers Football Club.
“A conditional membership will be issued to Sevco Scotland Ltd today, allowing Sunday’s Ramsdens Cup tie against Brechin City to go ahead.”
After the fine was announced Sevco announced to the Alternative Investment Market that they have started to draw down from the second part of Mr Ashley’s £10m loan which Dave King will have to repay shortly after seizing control of the blue room to provide Paul Murray with a blazer and brogues.
