Caley Thistle’s former chief executive Scot Gardiner has doubled his demand from the club, claiming he is owed £140,000.
Club consultant Alan Savage warns that sum could soar further, making administration a real possibility as he seeks to find an investor for Inverness.
Former ICT chairman Savage was drafted in last month by interim chairman Panos Thomas to “take charge of the struggling Highland club to put the team in a firm financial position”.
The Orion Group chief has been paying immediate bills and has ploughed in more than £200,000 to ensure ICT remain operational with staff wages also covered.
The threat of administration has not vanished, despite earlier hopes that key former shareholders turning loans into equity or writing off loans would stave off the fears.
Loan money plea is hotly disputed
Last Friday former Caley Jags CEO Gardiner, who left the club as a result of Savage’s arrival in August, sent sheriff officers to the Caledonian Stadium.
Gardiner, who spent five years with Inverness, said he is owed £70,000 in loan repayments.
Savage claims £50,000 relates to money loaned to Inverness Caley Thistle Concert Company Ltd with the remaining £20,000 loaned to the club.
A three-week period has begun for ICT to respond to Gardiner’s loan claims.
However, Gardiner has also now claimed he is owed wages for a 12-month notice period, increasing his overall claim to around £140,000, according to Savage.
Gardiner resigned in early June of this year, but remained in place to work as the club sought investment opportunities. That ended with Savage’s arrival last month.
‘He’s putting the club on the brink’
Savage told The Press and Journal: “We’ve had a letter (from Scot Gardiner’s lawyers) and they’re now claiming he’s due (money for) a year’s notice period.
“This is on the back of a contract he says (former chairman) Ross Morrison approved and he’s looking for a sum of the region of £140,000 plus I’d expect damages on top.
“It seems the club have accepted his resignation. The Glasgow-based lawyer for Scot Gardiner says because the club accepted his resignation, it accepted a contract (with a 12-month notice period) exists between the club and him.
“What should have happened is (the resignation letter) should have been sent to a lawyer to find out what should be done about it.
“I will still be responsible for the £70,000, but if the club adds a legal bill on, I think you’d be looking at £175,000.
“That’s £175,000 for Scot Gardiner, who failed to deal with the paperwork which could have made the club part of the freeport, which would have made this club money.
“In my eyes, he’s been incompetent, yet he’s putting this club on the brink of administration. He’s someone who failed on so many fronts at this club.
“But we will fight this. Even if it happens, administration is not the end for Caley Thistle. It could be the beginning of the recovery.
“I would look after the club through administration and post-administration.”
Savage will spend the coming days speaking with his lawyers and plans to hold a press conference on Tuesday to further update supporters.
Investment plans remain active
Savage says the League One side, relegated from the Championship in May, must land investment of at least £1.6 million to get them into next season.
Income from the controversial battery farm in the city’s Fairways depends on the goodwill of former directors David Cameron and Allan Munro and ex-club chairman Ross Morrison, who own the operating licence.
Savage hopes investment through a battery farm agreement could land the club a lifeline £2m, while crowdfunding remains an option they are actively looking at.
The club’s draft accounts show a loss for 2023-24 of £1.7 million. The loss for the year ended May 30, 2023 was £588,053.
Gardiner has been contacted for comment.
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