Former Caley Thistle chairman Alan Savage insists a title shot is still the goal for Inverness despite the club’s crippling debts.
The former club chairman and chief of The Orion Group returned to the fold as a consultant on Monday, handed the task by the board to try and secure short and long-term investment for the cash-strapped side.
Debts of more than £800,000 have come to light and Savage has ploughed in £200,000 this week to pay off immediate bills, including £50,000 to kits supplier Puma for the first-team squad and to put on sale as general merchandise.
The proposed deal with English UK-based sports, entertainment and leisure group Seventy7 Ventures, led by Ketan Makwana, was suspended and chief executive Scot Gardiner was removed from his post, having tendered his resignation in June.
Former player and manager Charlie Christie is now the temporary CEO and he, Savage and accountants have been trying to find out what the situation is financially.
On the field, boss Ferguson has met with Christie with the focus on turning the form around, with one point from the opening two League One games ahead of this Saturday’s home clash with Montrose.
Loan links if Portugal deal is struck?
With one of the potential investors looking at continental and UK clubs, Savage says that could open the possibility of loan links, but right now tight finances mean that keeper Musa Dibaga and defender/midfielder Wallace Duffy will be the last new recruits this summer.
He said: “The Portuguese are one of the potential investors here.
“We could even get to a point, should that happen, where we get players on loan from Italy, then it’s a different ball game.
“If we stay as it is, with my input then we will stick with the great youth development led by Charlie Christie. It’s one of the best in Scotland.
“It’s a system which has produced Charlie’s son Ryan, with 52 Scotland caps and playing for Bournemouth in the English Premier League and others such as Liam Polworth, still playing at a high level (with Kilmarnock).
“We don’t need to bring in recruits from England. When I was chairman (in 2006-2008) and Charlie Christie was the manager most of the talent was home-grown and living in this area.
“We finished seventh in the Premiership, so it is achievable. You can get there.
Squad capable of winning league
“Charlie Christie spoke to Duncan and we agree he’s got a good squad which should be capable of attacking football.
“Even without extra signings, we can certainly reach the League One promotion play-offs or even win the league to get automatic promotion. Its’ not beyond our capabilities.
“Once this football club concentrates on football and not battery farms or concerts, we will be fine. We shouldn’t be doing that.”
Key shareholders’ meeting planned
Savage said administration remains a possibility and he requires key shareholders to get around the table and strike a deal for the good of the toiling club.
He said: “I am trying to put matters to bed as soon as possible.
“I believe the first set of figures I saw (were debts of) £450,000. On closer inspection, it rose to £600,000 and then £700,000.
“On Wednesday, we found out we owed (kit supplier) Puma £50,000 for last season alone.
“It seems £120,000 of kit had been ordered and our new CEO Charlie Christie cannot yet get the details of what’s been ordered. It’s been over-ordered.
“So that takes the amount to more than £800,000. I have put £200,000 in this week.
“With the help of people like (former director) David Cameron, who has some great ideas on the property side to drive in revenue, while (former chairman) David Sutherland will also be helpful and has pledged some money to the club, we can also approach other businesses with that in mind.
‘I can get (club) under control’
“I can get it under control and run this club as a League One club. We’re a full-time club and that won’t change, certainly until the end of the season. Hopefully we can get going by beating Montrose on Saturday.
“Some (shareholders’) loans will need to be sorted out, which amounts to a massive figure on top of what I’d call the £800,000-plus current debt.
“I have called a meeting on Monday morning to put a full agreement in place to have the loans written off. They can really help the club at this point.
“A key meeting is one I’ve set up with A9 Accountancy Limited next Tuesday. I should get all the answers about how the auditors have allowed the accounts to be signed off as a going concern.
“I believe, but don’t know, it might be to do with these loans. I’m here to find out what’s what and get this club fit for purpose to be sold.”
Savage also added the club stand to benefit from an unquantified payment from world governing body FIFA if they can secure details of directors’ loans.
Club open to fresh Seventy7 talks
In a fresh development on Thursday night, Makwana has said in an interview that his company remain committed to becoming ICT”s majority shareholder, having hoped to complete the deal by the end of August.
In response, Savage said: “We note Ketan has confirmed his interest in buying the club and we welcome his comments and, subject to due diligence on both sides, we can get around the table for talks.”
Wallace Duffy rejoined Caley Thistle at the weekend after being out of contract this summer. Image: SNS
Companies House mix-up was error
There was also confusion on Wednesday night when Savage’s name, which was added to ICT’s files on Companies House on Monday, was then terminated two days later.
Savage, who is determined to bring transparency to light for the ICT fans, was keen to clear this one up after it appeared on Makwana’s LinkedIn page amid a discussion.
He said: “I signed a form saying I’d join the board on the understanding it would be when I get to the bottom of the financial situation, whether it is three or four weeks, however long it takes me.
“Until I knew what was going on, I remain as a consultant as it wouldn’t be in order for me to join the board.
“However, the lawyer in the meeting has somehow sent it in by pressing the button in error. We soon realised that happened and rescinded it.”
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