Caley Thistle have been hit with a £70,000 demand from former chief executive Scot Gardiner.
Sheriff officers visited Caledonian Stadium on Friday regarding the matter.
It is understood the demand for money relates to finances Gardiner claims he is due as a result of previous loans made to the club during his time as CEO.
Consultant and former chairman Alan Savage said: “The club has been served today by sheriff officers a demand for loans made by Scot Gardiner to the club, but I believe that one of the loans was made to the concert company (Inverness Caley Thistle Concert Company Ltd), which has been liquidated.
“Interestingly, there was no paperwork received with the threat. It is just his word.
“We will be dealing with it.”
Gardiner, whose five-year spell at ICT came to an end last month, has been contacted for comment.
Financial details studied by Savage
Meanwhile, Savage has issued a fresh warning that ICT could still face administration – and is calling for immediate help.
Savage, the club’s chairman from 2006-2008, is carrying out a root and branch overhaul of the finances of the side relegated from the Championship in May.
It’s understood key businesspeople who initially showed support for Savage’s initiatives unexpectedly pulled out, leaving him largely funding the cashflow.
The Orion Group chief has pored over the finances from the past decade and he says the current situation is much bleaker than first thought.
It was announced recently the League One club’s draft accounts show a loss for 2023-24 of £1.7 million – a tripling of the tally for the previous 12 months.
Last week, Savage said an amicable deal has been struck with key business figures that would save the club from the immediate threat of administration.
Freeport blow adds to Savage fears
However, further investigation by Savage has confirmed Caley Thistle will not be part of the Inverness and Cromarty Firth Green Freeport.
This, he said, is due the club’s failure to respond to numerous requests for information over a period of several months, when Inverness’s application for freeport status was being compiled.
The Green Freeport offers businesses looking to locate here a package of tax and customs incentives, being part of it would have made a massive difference to the club’s future.
The 1,285-acre final tax site boundaries include previously-confirmed Highland Deephaven in Ross-shire and the Port of Ardersier, but not the land around the Caledonian Stadium.
Battery farm plan could be lifeline
The controversial £40m battery storage farm project at the city’s Fairways Business Park could still become a life-saver for ICT.
It was initially seen as a way of bringing in millions of pounds for the Caley Jags.
An appeal was made to overturn Highland Council’s refusal of the plan.
The operating licence is now held by former ICT directors Ross Morrison, David Cameron and Allan Munro.
With the chance of battery farm bid being given the go-ahead, Savage has been promised the club will get its share and that could sort the club’s cashflow issues in one fell swoop.
Driving down costs over 18 months
Speaking to the Press and Journal, Savage provided an update, which he accepts won’t make easy reading for fans.
He said: “Things have grown arms and legs this week and we have accessed financial information that shows the club’s true position.
“There is a projected shortfall of between £1.5m to £1.6m to the end of the 25/26 season.
“That’s a game-changer. I have analysed the club’s accounts from the last 10 years and the underlying annual revenue stands at about £2.0m to £2.25m and from last year’s accounts the costs were £3.7m.
“We have to bring costs under control and increase revenue by bringing back disillusioned fans, businesses and all stakeholders. Because of the damage done, it will take a-year-and-a-half. It’s not going to happen overnight.
“Unless we can raise awareness that we need a sharp injection of cash sooner than later, the club could be looking at administration. I am actively looking at ways to find ways to save this club and I need help.
“Whether we can consider a crowdfunding-type push, or attract the attention of rich Invernessians living abroad, we will try anything and everything.
“The other game-changer would be the battery farm and it’s possible a favourable decision could go in its favour within the next two months.
“If we can get £2m through the battery farm project or through crowdfunding, the burden of debt on ongoing running could be lifted.”
Savage remains committed to ICT
Savage confirmed he’s had meetings with Highland Council to discuss potential money generating plans, such as creating a music or conference venue, which also includes a five-a-side complex, in the space behind the North Stand of the stadium.
Savage is at pains to point out that he’s going nowhere as long as the club want him to help.
He added: “I underline my financial commitment to the club whilst the cash raising initiatives are given time to come to fruition.
“Of course an already tried club sale would trump everything but the club needs to be on a sound business footing and I am working on that too. In its current state it is extremely unlikely anyone would buy it.”
This weekend, ICT are home to League Two opponents Stirling Albion in the third round of the SPFL Trust Trophy.
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