Ketan Makwana has launched a fresh bid to take control of Caley Thistle.
ICT consultant Alan Savage has confirmed the executive director of Seventy7 Ventures, is back in talks with the League One club.
Caley Thistle confirmed they must raise £200,000 this month to avoid the club being placed in administration.
A crowdfunder was launched by the club on Thursday on the same day interim chairman Panos Thomas stepped down due to personal reasons.
Thomas has been replaced by deputy interim chairman and supporter liaison officer Scott Young.
Savage, speaking exclusively to the Press and Journal, revealed Makwana is back in talks with the club.
Savage said: “Ross Morrison on Tuesday has reintroduced Ketan Makwana to the process.
“He suggested that Panos contacted him, which he did. The board are now in the process of asking the lawyers for proof of funds as the first hurdle. Proper due diligence will follow. Scott Young will be dealing with that.”
Seventy7Ventures, the investment firm led by Makwana, had an offer totalling £2.5m to purchase just over 50% of ICT’s shares accepted by the club’s board on July 25.
But around three weeks later, the club announced it had suspended negotiations with Makwana and chief executive Scot Gardiner had left the club.
Fresh battery farm plea from Savage
Savage, meanwhile, is calling on former club chairman Ross Morrison to throw them a lifeline by handing over the battery farm licence details to the club, as it could be worth £3.4m.
Ex-club chairman Savage wants Morrison, former club director David Cameron and Allan Munro, who was a club director until last week when he stood down for personal reasons, to help the Caley Jags.
The £40million battery project at Fairways Business Park was seen as a way of bringing millions of pounds into the cash-strapped club.
A last-ditch appeal was made to overturn Highland Council’s refusal of the controversial plan.
It emerged the licence of the battery farm is in the hands of Morrison, Munro and Cameron. Savage wants the trio to pass the licence to the club, as it could be worth £3.4m.
Savage said: “In relation to the battery farm, we’d like Ross Morrison to clear up what’s going to happen to the licence when it gets built, sold or whatever the intention is.”
Income ideas welcomed by club
With more than £14,000 flooding into the crowdfunder after its Thursday afternoon launch, Savage remains hopeful Caley Thistle could yet escape administration, adding: “We have had interest from around the world. People are showing an interest in buying the club.”
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 was understood to be on a wage of £1,200 per week – but will be working for free for the foreseeable future.
The club have launched a ‘Save ICT’ crowdfunder, with the link on their website and social media channels.
Anyone with suggestions for generating income for Caley Thistle is also asked to email ideas@ictfc.co.uk
An open meeting for shareholders and supporters will take place at Caledonian Stadium on Monday at 7.30pm.
Thomas makes emotional farewell
Meanwhile, Thomas, who was appointed a director in February 2023 and interim chairman in August 2024, explained it was with deep regret that he was standing down 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.”
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