A week of drama off the pitch at Caley Thistle was just the start of a crucial period for the 30-year-old club.
The arrival of former chairman Alan Savage – chief of The Orion Group – into the boardroom last Monday was hailed as a vital moment for fans fearing for the future.
Let’s remind ourselves what ICT described was happening.
Their statement delivered by interim chairman Panos Thomas said: “The board of directors have appointed local businessman Alan Savage to take charge of the struggling Highland club to put the team in a firm financial position.
“Working alongside the club’s board of directors, Savage has taken the initiative to oversee the organisational restructure of the club as they seek to remedy their financial issues, with chief executive officer Scot Gardiner leaving his role with immediate effect.
“The club have also suspended negotiations with Seventy7 Ventures, who had been seeking to acquire a majority shareholding, with Savage beginning immediate work carrying out an internal forensic review of the club’s financial position to establish plans for the club’s future and setting the team into a viable position for new ownership.”
Seventy7 Ventures still interested
The saga over whether Gardiner was to stay or go ended swiftly as he and the club parted ways at the start of last week.
Gardiner, who tendered his resignation in June, was understood to be at the heart of the Seventy7 Venture talks, but the prospect of him remaining at the club while fans were staying away as a result seemed unlikely.
Ketan Makwana confirmed he is still interested in his Seventy7 Ventures firm becoming the majority shareholders, and Savage responded by saying the door remains open on that front. That’s why the word “suspended” was used to describe that situation.
The interest from Portugual and China was confirmed last week and remains live too.
Debts tackled head-on by Savage
What matters most now is how crunch talks, which Savage is determined to line up from today, play out.
These discussions between Savage and shareholders who have given meaty loans to the club are crucial.
Will enough of those key figures, many of whom have already helped keep the struggling club afloat, be willing to write off their loans to see ICT escape possible administration?
Savage has displayed leadership within days of his return to the club. He’s got Glasgow-based sports marketing agency GRM Marketing to engage with a number of investment leads and has accounting experts going through the figures with a fine-tooth comb.
With money due to the HMRC and kit suppliers Puma, he’s paid out £200,000, which in itself freed up the strips the team wore in the 1-1 draw against Montrose on Saturday.
According to Savage, debts of more than £800,000 were awaiting him as he opened the books, so he tackled the most pressing of those. But he needs help.
Every penny counts, every day at ICT
Former midfield star and manager Charlie Christie is also putting in the hours to help his ex-chairman.
He pleaded for fans to rally round as Inverness – with a largely young squad – try to win League One games to try and get their club back to the Championship within one year of being relegated.
Manager Duncan Ferguson has been told he cannot add any more players. Even paying out for loanees is not an option.
This is a club which posted a £588,000 loss in July for the past financial year, ending May 30, 2023. Results which were delivered one month late.
In terms of games, all roads lead to Kelty Hearts this Saturday – the place where ICT’s board thought it might be wise to be based for training to save money and attract better players.
That scheme was binned after fan opposition. Now, more than ever, Inverness must unite for the greater good and those shareholders hold such a crucial key.
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