Alan Savage has revealed Portuguese and Chinese investors are in the frame to inject cash into Caley Thistle.
The returning director, who spoke to STV about his first 24 hours back at the club, has since told The Press and Journal there is an urgent need for shareholders to react – or the club could still be heading for administration.
He said: “A key aspect here is that loans to the company (ICTFC) are changed into shares/equity. Without that, the club is technically insolvent.
“We’re looking at the creditors’ situation and are looking to address that as a matter of urgency, just one example is a company which is owed more than £40,000. There are lots of smaller firms and bigger people like the HMRC.
“Once we have looked at that, we can then see the best way for Inverness to move forward.
“The accountancy and fiscal due diligence are paramount, and I am only part-way through that. I’m confident things can be sorted out and that’s why I have put £150,000 in today.
“I am trying to do a deal with people to ask them to convert their loans into equity. If that doesn’t happen, my hands are tied with what I can do. If we don’t do that, the clouds become lower, not higher. I am trying to get the clouds lifted.
“I thought I had done a deal with some of these key people today, but I got non-committal responses back.”
Dramatic week within Inverness
In the STV interview, new director Savage also pointed the finger at now ex-chief executive of ICT, Scot Gardiner, for not keeping boardroom figureheads fully in the loop about how dire the financial situation at the Highlanders had become.
It has also been confirmed head of youth academy, former player and manager Charlie Christie, is now the interim CEO at the Caley Jags.
Former club chairman Savage, the chief executive of Inverness headquartered Orion Group, stepped in this week as the man to take control at Caley Thistle, who had been on course to strike a deal with Ketan Makwana’s English firm Seventy7 Ventures to secure a majority shareholding.
This prospect of Makwana coming in was largely criticised by worried ICT fans and those negotiations have been suspended.
‘Main obstacle was the CEO not liaising with the board’
Savage says he is now seeking to “remedy” Caley Thistle’s “financial issues” – and one of the first steps as he returned was to part ways with Gardiner, who has long been criticised for his decisions by supporters.
In the interview with STV, Savage explained he’s been digging into the cash-strapped club’s finances and he took aim at Gardiner for failing to communicate effectively with the board.
He said has to look “at the profit and loss and to list all the people we owe money to.”
Savage added: “I’ve started to look at that and, of course, the Inland Revenue are owed money, and loss of suppliers to a quantum of probably about £700,000, so it’s a big job to assimilate it all.
“Of course, the main obstacle was the CEO not liaising with the board and Panos (Thomas, interim chairman) properly, and the former chairman (Ross Morrison) to give them the information needed to run the club properly.”
Savage details investment interest in Caley Thistle
Savage is determined to help the club reach the Premiership again – a level they have not been at since 2017.
He revealed new overseas investors are in the running to get involved, saying: “The mission is to get (the club) on an even keel and then sell it.
“We have a couple of opportunities – a Portuguese company, who have just bought (Serie A side) Monza, and they want to buy a club in England and a club in Scotland as part of their overall plan – Inverness could fit well with them.
“And we’ve got Chinese investors who could possibly invest in the club.”
Last month, it was confirmed the Caley Jags reported a loss of £588,053 before tax for the year ended May 30, 2023.
On the park, ICT have one point from their opening two games in League One following relegation at the end of last season and host Montrose this Saturday.
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