A boardroom reshuffle has taken place at administration-threatened Caley Thistle with interim chairman Panos Thomas stepping down.
Thomas, a retired orthopaedic surgeon, succeeded Ross Morrison as Caley Thistle chairman in the summer, but has opted to step aside for personal reasons.
His deputy Scott Young – also the League One club’s supporter liaison officer – has taken his place, and will lead a crunch Inverness fans’ meeting this Monday.
ICT urgently need a cash injection of £200,000 by the end of the month, and £1.6m by the end of the season.
If those targets are not met, the Caley Jags will be insolvent and go into administration – with jobs losses likely and a 15-point SPFL penalty imposed.
Thomas said it was with deep regret that he was standing down and explained his decision was due to a personal family reason.
He said: “I would like to thank my fellow directors, staff and players at the club, the supporters and shareholders for their tremendous support to me during my short time in the role as interim chairman. I will always fondly remember the resilience, tenacity and endeavour of those folk whom I worked with.
“It is now time for me to hand over to others to find a way forward for the club that I have supported wholeheartedly since moving to the Highlands to live. I wish everyone at the club the very best for the future.”
Munro also exits from club board
Thomas was appointed a director in February 2023 and interim chairman in August 2024.
A statement released tonight by ICT added: “The club would like to place on record our thanks to Mr Thomas for his efforts as a director and as interim chairman and wish him the very best for the future Scott Young now becomes interim chairman of the club.
“The club would like to also place on record our thanks to Mr Allan Munro who resigned from the board last week. Mr Munro rejoined the board in November 2019. We wish Mr Munro the very best in the future.”
Club consultant Alan Savage, meanwhile, confirmed if the club do go into administration, there could be £400,000-500,000 of additional associated costs.
Manager Duncan Ferguson going without pay as ICT launch crowdfunding drive
This all comes on the same day manager Duncan Ferguson revealed he is now working for free in a bid to save jobs within ICT.
Ferguson has twice had his pay cut since he arrived at the then-Championship club last year.
With the club relegated to the third tier, the manager is reportedly on a wage of £1,200 per week – but has handed this back for the foreseeable future to help.
The club have launched a “Save ICT” crowdfunder, with the link on their website and social media channels.
Within two hours of the fund launching on Thursday, more than £9,000 had been received.
Anyone with suggestions for generating income for Caley Thistle is also asked to email ideas@ictfc.co.uk
Monday’s open meeting for shareholders and supporters starts at the Caledonian Stadium on Monday at 7.30pm.
Conversation