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Shane Ross: Yates gives up directorships after bookmaker’s collapse

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.

The board easily defeated the dissidents at a stormy AGM. Yates has also given up his board membership of GT Energy, the geothermal energy company where he became a director in April 2009. Yates faces possible bankruptcy following the collapse of Celtic Bookmakers. Last week, the entrepreneur confirmed that his own house in Dublin, the home of his 78- year-old mother in Enniscorthy, and his family farm had all been put on the line to back up the faltering business. He had also given personal guarantees to support a €6m debt owed to Allied Irish Banks.

Yates expanded too fast, buying rival bookies at topdollar prices at the height of the boom.