Quids in Sevco directors pick up their bonuses
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Two Sevco directors pocketed a combined £400,000 while steering the company to a £6.7m loss on a turnover of £29.2m.
The incredible pay outs include bonuses in a season when the company finished third in the SPFL Premiership completing the season nine points behind Aberdeen.
Managing Director Stewart Robertson collected a total salary of £281,000 which included a bonus of £64,000- the equivalent of around 200 season tickets to pay for his bonus.
Football Administrator Andrew Dickson had to make do with just £174,000 which included a bonus of £28,000 and £13,000 of pension contributions.
The pay-outs continue the culture of rewarding failure established by Charles Green and continued through various executives including Derek Llambias and Graham Wallace, who used to work for Manchester City, and David Somers.
Three years after Dave King’s regime change Sevco have still to find a Stock Market listing, don’t have a NOMAD and have still to arrange a share issue to refinance the club.
Despite a promise in the audited accounts that King’s New Oasis Asset Limited company would make up the £4m shortfall predicted for this season the South African based criminal has followed the three bears and stopped providing soft loans.
Earlier this month a £3m loan was arranged with Close Brothers that required the security of Edmiston House, the Albion Car Park and ‘other assets’.
Unlike every other nation in UEFA the SFA and SPFL have refused to implement Financial Fair Play.
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