Shane Ross: Yates gives up directorships after bookmaker’s collapse
Published 09/01/2011 | 09:09
IVAN Yates, the politicianturned- bookmaker, has stood down from his external directorships following the collapse of his Celtic Bookmakers empire last week.
It is understood that Yates resigned from his prestigious non-executive directorship of entrepreneur Philip Lynch's One 51 energy conglomerate in December in anticipation of troubles breaking at Celtic.
One insider said: “It is typical of Ivan that he would take this on the chin and not stay on other boards in case his personal financial situation might embarrass his colleagues”. Last summer, Yates played a prominent part in backing One 51 boss Philip Lynch in squaring up to a group of shareholder rebels demanding the sale of some of the group's non-core assets.