Caley Thistle have dismissed concerns raised by two former chairmen that the club is being forced to accept a deal from Tulloch Homes or risk becoming insolvent.
Alan Savage and Dougie McGilvray, along with Mr McGilvray’s son Ian, issued a statement claiming Tulloch’s proposed gifting of the stadium’s three stands back to the club came with caveats which they claim were unworkable for the club.
But club chairman Graham Rae last night hit back at the claims and said the statement was “materially inaccurate and misleading”.
Caledonian Stadium is currently owned by Tulloch Homes who are in the process of gifting three stands back to the club, but will continue to maintain the lease of the ground.
However, the terms of that lease have prompted concern from Mr Savage and the McGilvrays, claiming it does not cover the Inverness Common Good Fund land the stadium was built on which includes the car parks.
Mr Savage and the McGilvrays claim Tulloch Homes threatened to take the original stands deal off the table if Caley Jags rejected the lease offer, while also demanding back rent be paid. The trio claim this situation could leave the club technically insolvent.
Caley Thistle’s AGM takes place on Monday at Caledonian Stadium.
Mr Savage and the McGilvrays, who bought a 19% stake in the club in August, released a statement yesterday, which said: “The board’s overriding concern was the lease of the stadium and surrounding area. We believed this to be the 14 or so acres that the club once had the entire use of. However what was on offer from the landlord was the footprint of the actual stadium and a narrow access strip with no car parking and certainly nowhere in the region of said 14 acres.
“The board further advised that Tulloch had told them that if the offer of the stadium and footpath wasn’t accepted then their previous offer of gifting the stands was going to be withdrawn along with the rent holiday being revoked and back rent would have to be paid.
“Having to pay the back rent along with the withdrawal of the loan would make the club technically insolvent, unless the club could source funding from elsewhere.”
But Mr Rae responded: “The latest statement from Mr Savage and Mr Doug and Ian McGilvray is materially inaccurate and misleading.
“As previously advised, the board is preparing a response to their previous open letter and will revert at the AGM on Monday, December 18.”
Tulloch Homes were contacted but declined to comment.