Caley Thistle’s annual meeting lasted more than two hours last night as the club’s board of directors faced questions from shareholders.
There had been much anticipation ahead of the meeting, with confirmation of the deal which will see Tulloch Homes gift three stands at Caledonian Stadium back to the club.
That followed concerns raised by a group of businessmen last week, including former chairmen Alan Savage and Dougie McGilvray, over the terms of the club’s stadium lease agreement with Tulloch Homes.
At the start of the meeting, shareholders were presented with a response by the directors to the open letter, with chairman Graham Rae keen to stress the importance of all shareholders working together.
On the stadium deal, which is dependent on approval from the Highland Council as trustees of the Inverness Common Good Fund, Rae said: “This is a major milestone and facilitates our future operational integrity, underpins new investment and secures the club in a full say in any potential development.
“This helps the club to go forward by securing a substantial part of the land lease and adding considerable value to our balance sheet. It also represents the end of an era of rental debt and provides an opportunity to begin again. This change augers well for the future financial success of our business and the board of ICTFC asks that all shareholders recognise this significant development.
“Major objections without viable alternatives are not in the club’s interest. ICTFC would love to have a direct lease for the adjacent land but it’s not currently a realistic outcome, as the club has not had the lease for the land since 2001.”
Rae also revealed the club plans to become a community-interest club in the future. The model will be similar to that in effect at Dunfermline, meaning no one has more than 10% voting rights.
Caley Thistle’s annual report last month revealed a £422,000 loss in the last financial year following relegation from the Premiership.
Meanwhile, manager John Robertson believes Coll Donaldson is following in the footsteps of a long line of quality players who have revitalised ailing careers with Caley Thistle.
The 22-year-old fell from favour at Dundee United and was released by the Tannadice club in August with a year remaining on his three-year deal.
It was a sharp fall from grace for a young defender who had earned a £150,000 move from Livingston to QPR in January 2014 after impressing Harry Redknapp on trial.
Having arrived in Inverness on an initial short-term deal, performances in partnership with ex-Hearts defender Brad McKay were so impressive Robertson last week rewarded him with a new deal through to summer 2020.
Caley Thistle, since humble beginnings in the SPFL, have a rich tradition of reviving the careers of players cast off by bigger clubs, from the likes of Barry Robson and Paul Sheerin under Steve Paterson to Jonny Hayes and Adam Rooney under Terry Butcher.
Robertson, who saw Donaldson turn in an outstanding performance in Saturday’s victory against Dumbarton, said: “Coll has been tremendous since he came in. His contract signing last week was a another boost to club.”
Robertson has also tied-up seasoned left back Carl Tremarco through to summer 2020 and saw the Liverpudlian celebrate the deal with Saturday’s winning goal. He said: “It is a big lift for Carl, and a big lift for the club and team, because he is a valuable player.”
