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Somers set to walk away from Sevco

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david somers

The crisis at Sevco is expected to intensify tomorrow with the announcement that chairman David Somers has walked away.

While the gullible prepare to celebrate another success for people power, on the back of James Easdale’s resignation last week, the full extent of the distressed state of the company running the football club is about to be revealed.

Mr Somers became chairman in October 2013 replacing Walter Smith who walked away.

A share issue in October 2014 followed by a succession of loans has allowed Sevco to survive through the winter but with Dave King about to grab power the company’s main line of credit- Mike Ashley- is about to be cut off.

As well as repaying Mr Ashley’s £10m loan Mr King, described as a glib and shameless liar by a South African judge, will have to find a way of bringing in £2m a month to keep the lights on with only matchday income to work with.

Any attempt to raise more than €5m (currently £3.8m) from a share issue will require a full audit to prepare a prospectus with the cash burn continuing until May when season tickets go on sale.

The departure of Mr Somers and Mr J Easdale will leave only Deek Llambias and Barry Leach in the blue room of dignity with both men appointed by Mr Ashley.

Mr King’s arrival will present further embarrassment for the SFA as they deal with his involvement in the insolvency of Rangers in 2012.

The South African based criminal served under Dave Murray and Craig Whyte as the club went into administration followed by liquidation. Blazer chaser Paul Murray also served on the board.

SFA regulations state that ‘an office bearer may be blocked from being approved if “he 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”.

The use of the word may as well as King’s former fellow Ibrox board member, Campbell Ogilvie being president of the SFA, is likely to see the new Ibrox regime rubber stamped into power.

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