Caley Thistle made a loss of £1.7 million last year – a tripling of the tally for the previous 12 months – and continue to face the prospect of entering administration.
But two key areas of income have been identified as potential life-savers for the League One club – if Highland business figures agree before a crunch board meeting next Tuesday.
The news was delivered by club consultant and ex-chairman Alan Savage on Wednesday.
He issued an urgent appeal to the former directors to help save ICT from administration and has offered to take control of the club until 2027.
Last week, Savage confirmed Caley Thistle were in line to clear more than £3 million of loans owed to seven key stakeholders – a massive shot in the arm for ICT.
But, at a press conference at the Caledonian Stadium, Savage confirmed holders of loans worth £220,000 want repaid. This sits on top of current creditors less current debtors tally of around £400,000 – leaving the club with £600,000 to find.
Battery plan could be recharged if licences are given to ICT
A controversial £40 million battery farm project at Inverness’ Fairways Business Park was earlier identified as a money-maker for ICT.
A last-gasp appeal was made in July to overturn Highland Council’s refusal of the controversial plan.
However, it emerged the licence of the battery farm is in the hands of former ICT chairman Ross Morrison, current director Allan Munro and David Cameron, who is no longer on the board.
Savage wants the key trio to pass the licence to the club, as it could be worth £3.4 million.
In addition, seven acres of land the club once had the lease to are now under a lease to Propco Ltd, which was bought from Tulloch/Springfield.
Savage, who claimed three attempts to speak to Cameron have failed, hopes land beside the stadium the club once leased can also be given back to the club, with a view to there being a later return.
He said: “If these entrepreneurs are prepared to deal with £150,000 of the loanees who want payment, I will deal with the £70,000 (former chief executive) Scot Gardiner thinks he is owed.
“If then the entrepreneurs are prepared to donate £450,000 to the club that enabled them to get these assets, I will take care of the club going forward as going concern.
“Revenue generated by the seven acres through time will recover their donation.
“Once this revenue equals the £600,000, they will split further revenue with the club on a 50/50 basis once their overheads and costs are deducted.
“If the licence is worth anything then after recovering their overheads and costs, they split anything that’s left 50/50 with the club.”
General crowdfunder is option B
The 11th-hour appeal to these big business players was described by Savage as option A, with option C being the threat of administration.
Option B is a general crowdfunder.
He said the club would then “ask the general community of Inverness, its businesses, and the fans to donate money to sort the huge debts out and see if we can raise the £600,000.”
Savage added the club would be cost-cutting – but staff have been paid for this month.
‘There is a way out’ to save the club
Tuesday’s board meeting is when Savage will discuss the reaction to his press conference from the business trio.
He added: “If we can do a deal with these guys, everything will be fine.
“(Or) onwards and upwards with crowdfunding. I don’t know how that works – It might raise enough cash.
“It’s not my decision. I can only recommend to the board what decision they take. It is up to them.
“I quote the auditor: ‘You’re insolvent when you know there’s no way out’.
“At the moment, there is a way out.”
Savage is ready to take control
Savage confirmed he will take the club forward for the next few years should the board decide that’s the best option – until would-be buyers, such as the Portuguese-based firm with a £2.5million offer, are found and a deal is sealed.
He said: “For the future, I will ask the shareholders if they want me to run the club, and if they do, I will get a mandate to have full control until a buyer is found.
“This mandate would be reviewed every three years.
“The club deserves and needs certainty after five years of huge losses, chaos, confusion.”
Loss for last year was under £600k
The draft accounts loss of £1.7 million revealed at Caley Thistle on Wednesday is a massive leap, given that just last month Inverness announced a loss of £588,053 before tax for the year ended May 30, 2023.
Those numbers were delivered one month overdue, having finally being posted on Companies House.
Savage, who was ICT chairman between 2006-2008, has injected around £200,000 to pay off immediately pressing bills as the Caledonian Stadium outfit adjusts to life in League One following last season’s relegation.
The plunge in losses is staggering for a club who since 2017 have been in the Championship and were the Scottish Cup runners-up to Celtic in 2023.
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