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Caley Thistle chief executive Scot Gardiner confident Championship club can tackle £892,000 loss

Scot Gardiner, chief executive of Caley Thistle.
Scot Gardiner, chief executive of Caley Thistle.

Caley Thistle chief executive Scot Gardiner is confident the club can tackle the £892,000 loss announced at last night’s annual general meeting.

Inverness held an AGM for shareholders at Caledonian Stadium just two months on from an extraordinary general meeting, with a significantly lower turnout last night.

Despite accepting the balance sheet for the year ending May 31 2019 does not make for good reading, Gardiner is hopeful of countering the harsh reality of life in the Championship by raising revenues through other means.

Caledonian Stadium will host a Westlife concert next summer, which the club is hopeful of making an annual occurrence.

Gardiner also took heart from the Caley Jags’ accounts no longer being qualified by the club’s auditors despite the margin of loss.

Gardiner said: “We can’t paper over the losses. It’s not sustainable, but we are addressing that. At the EGM we had an extensive explanation of the position the club was in financially.

“The major thing for us was that the accounts were not qualified and the main point of the EGM was to say we could be in trouble if we didn’t address this.

“Your accounts are normally qualified if you have just come out of administration, your auditor thinks there is a potential problem about you going forward as a going concern.
“That’s what we had against our name, and that has been removed.”

Gardiner also confirmed the club has raised £320,000 of short-term investment required, with the club hopeful of raising a further £180,000 before the end of the season.