Caley Thistle podcaster Stevie Riley has had business dealings with the man behind the club’s majority shareholding deal.
It was confirmed earlier today that Ketan Makwana, the executive chairman of Seventy7 Ventures, “has been a most dynamic suitor for the club in the past few weeks”.
There were reports a US-based group had a £2million offer on the table but it was the Berkshire-based sports, entertainment and leisure group were given unanimous approval by the ICT board.
Club will still think longer-term
Caley Jags fan Riley, of The Wyness Shuffle podcast, works in the IT industry and has worked with Makwana on projects years ago.
He said: “Ketan has got an extensive background. He’s someone I know a bit through my work and I’ve been involved in some start-up projects he’s been part of. I have contacted him today to see if we can chat. He’s an entrepreneur with a good business head, who speaks very well.
“This is just my opinion, but I can see this being a bridging deal between this period and striking a deal with the Americans, who still seem to be around. Maybe in partnership with Ketan?
“This may well be a cash investment which keeps the lights on at Caley Thistle, while they look at it longer term. For me, it’s maybe been low-hanging fruit for (Seventy7 Ventures), to take a club, stabilise it and push it on at a profit.”
In the statement released by Caley Thistle, no investment value was confirmed, as it concluded: “More information will be released in the coming days and weeks and again on the legal completion of the deal.”
Inverness, who were relegated from the Championship last season, reported a loss of £588,053 before tax for the year ended 30 May 2023. It has been spending the past two months aiming to drive in fresh investment to avoid the possibility of going into administration.
Special advisor to a prime minster
Makwana’s LinkedIn page offers the following information on his background.
It said: “With extensive career experience in IT, electronics and healthcare, Ketan moved into self-employment and entrepreneurship in 2009 during the economic crash.
“Since then Ketan has successfully launched, scaled and sold multiple ventures in the recruitment and marketing verticals; in 2011 Ketan launched Enterprise Lab – a talent and business innovation agency operating in 26 countries with a network of 250 experienced professionals delivering in their niche; in 2022, Enterprise Lab got acquired by the Innovation arm of European Central Bank.
“In 2021, during the core of the pandemic, Ketan co-founded Seventy7 Ventures a platform that focuses on the digital and technology acceleration of the creative industries offering strategic consulting, capital raising and venture partnering services.
“Seventy7 Ventures was awarded the Best of British Business 2023 by The Independent for its impact on British Businesses.
“Ketan has served as a special advisor to a UK prime minister and a former president; he is regularly involved in economic policy shaping for several governments with a high focus on digital economy.
“Ketan is a renowned international speaker having delivered keynotes across five continents and 42 cities.”
‘More questions than answers’
A section of the ICT support have been urging change behind the scenes, with calls for chief executive officer Scot Gardiner to leave after he tendered his resignation in June. It’s unclear whether this news changes matters.
Riley hopes the takeover can lead to stronger links between the football club and the community it is part of.
He said: “It was a vague statement from the club and left a lot more questions than answers.
“We’d like to see a timeline of when the takeover will happen, a (fuller) statement from the new investors and details of when some current employers might be leaving.
“Listen, it’s positive there’s an appetite for fresh investment. I like that. We’re biased, but Caley Thistle is an attractive proposition in terms of logistically and geographically. We could be marketed so much better.
“Whoever comes in has to build bridges and strong relationships with the local community and businesses. It will take at least a couple of years to get that back on track.
“The owners need to get a connection with the fans, but vitally also with the local businesses. That’s got to be front and centre of the mission plan or statement.”
Announcement follows tough summer for Caley Thistle
Since dropping out of the Championship in May, ICT have had no shortage of bad news.
Their plans to move their entire training operations to the home of fellow League One club Kelty Hearts in Fife caused uproar and the scheme was binned.
That was seen as a big reason for chairman Ross Morrison stepping down, with Gardiner tendering his resignation, but continuing to work on.
Several out of contract players spoke about non-communication as their deals expired and long-serving winger Aaron Doran has his knee operation cancelled twice by the club after an injury sustained while playing for them in April.
It then led to his former team-mate Shane Sutherland starting a fundraiser and helping raise £10,000 to pay for the operation.
His former Inverness manager John Robertson kicked off his own fundraiser, which raised more than £4,000, which will cover his rehab to recovery point.