Former Caley Thistle chairman Alan Savage hopes the club’s new major shareholder can quickly banish concerns over the surprise deal.
On Friday, the now-League One outfit confirmed an investment offer from Seventy7 Ventures, a UK-based sports, entertainment and leisure group, had been accepted.
Despite reported firm interest from American-based suitors for the sum of £2million, the surprise announcement from ICT was Ketan Makwana, the executive chairman of Seventy7 Ventures, had clinched the deal.
Makwana is the sole director and only employee of the Windsor-based firm and their latest accounts show net liabilities of £15,898.
He admitted on social media he had failed in six previous attempts to buy football clubs.
Makwana, and ICT, have pledged they will be giving more information beyond their initial statement, with supporters keen to find out more about who is taking over their club.
But former player and assistant manager Duncan Shearer asked in his Tuesday P&J column: “Who are his backers? How does he intend on tackling the debt at the club? Will there be funding available to take the club forward?”
Shearer also questioned what the future holds for Caley Thistle chief executive Scot Gardiner, who tendered his resignation in June, but was credited by Makwana for helping secure the shareholding.
Savage was Highlanders chairman from 2006 to 2008 when the club were in the top-flight of Scottish football.
‘To leave the deal until one minute to 12… Have they just accepted it?’
The chief executive of Inverness-based Orion Group said the financial situation at the embattled Caley Jags must be dire for the board to have handed over the keys to someone who had failed to buy clubs so many times previously.
Savage claimed: “I believe certain groups of shareholders have given their shares to Seventy7 to get its shareholding over 50%, as they are only buying 20% of the club.
“Why would they give shares to someone they don’t know? What’s in it for them?
“Maybe they will respond to this article.
“A shareholders’ meeting would have been in order.
“He’s had six goes at buying football clubs and been rejected six times.
“It’s not a train set – it’s a proud member of the SPFL.
“I just can’t see how Seventy7 and the club could have done full due diligence on this deal.
“Listen, I really hope this works out. Let’s hope so.
“It just seems like a desperate, but I suppose an essential move to avoid administration.
“Had I been on the (club) board six months ago, I’d have been asking (now former director) David Cameron and Allan Munro whether they were going to continue funding the club, and, if not, would have started trying to find a buyer then.
“There are lots of benefits of being the owner of a football club – business people and film stars are buying clubs in France, Holland, Wales, all over the place. Buyers can fly there, play golf and watch the football.
“The club here is an attractive proposition, but to leave the deal until one minute to midnight… Have they just accepted it?”
Has (or will) new owner Ketan Makwana provide cash up front?
Like Savage, many fans have voiced their opposition to ICT CEO Gardiner remaining in place, saying they won’t buy merchandise of go and see the team while he remains at the club.
Savage wonders whether the agreement with Makwana and Seventy7 Ventures could include Gardiner staying for some time yet.
He said: “I read Duncan Shearer’s column, and I fall in line with what he’s saying – there are many questions to be answered.
“The club has obviously got cash flow problems. They need cash immediately to get them through the next few weeks, so will Ketan put money up front before he signs the deal?
“Let’s hope so, as not many businessmen in the world would do that. This would really show the fans he is the real deal with genuine long-term ambitions for the club.
“Amid it all, you still have Scot Gardiner there, who appears to have done the negotiations on behalf of the club.
“Most entrepreneurial people who buy and sell businesses for a living like to decide matters themselves.
“But will he keep Scot Gardiner on, because he’s not appointed a CEO, has he?
“Fans will understandably go crazy if that happens.”
Orion commitment remains to ICT’s youth academy
In May, Savage who told the Press and Journal he and his son Paul will pitch in with an Orion-driven initiative of up to £100k if needed to support the ICT youth academy.
He said at the time: “I am prepared to cover any shortfalls with sponsorships of various types.
“I can put this together and make sure the youth system is protected.
“We want to improve it and take it to a higher level, with more one-on-one mentoring.
“I have heard of shortfalls of anything from £50,000-£100,000.
“The caveats for me is no dealings with Scot Gardiner, and that any money given stays to run that department, independent of the football club.”
Speaking to The Press and Journal on Tuesday, he confirmed: “I stand by my commitment that, through Orion, I will protect the youth development, both boys and girls.
“I want to put sufficient money in to realise Charlie Christie’s ambition of continuing to mentor players, such as he did with his son Ryan.
“Whatever happens and whichever direction the club takes Orion is committed to do that.”
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