Caley Thistle hope credible buyers might be the struggling club’s saviours within the next eight days – or administration will be inevitable.
That message came loud and clear at a special open meeting for shareholders and fans at the Caledonian Stadium on Monday night.
There has been interest from America, Denmark, and the United Arab Emirates, but the potential investors need more information about ICT’s finances before taking further steps.
The club’s Save ICT Fund has raised almost £70,000 since launching last Thursday, with its aim of raising £200,000 “immediately to meet the cash requirements of the club for the current month of October no later than Wednesday, October 16.”
League One side Inverness require in the region of £1.6 million to survive until the end of the 2024/25 season and have so far been unable to secure further investment.
The board of directors are exploring all avenues to raise funding to prevent ICT – Scottish Cup winners nine years ago – from entering administration.
The on-field impact of that would be a 15-point punishment this season from the SPFL, while other non-football department jobs would almost certainly have to go.
October 16 deadline remains in place
In the packed suite within the Highlander Lounge at the Caledonian Stadium, new interim chairman Scott Young delivered news to anxious fans and shareholders.
Also at the top table were fellow directors Graeme Bennett and Gordon Fyfe, honorary president Roddy Ross, and interim chief executive officer and ex-player and manager Charlie Christie.
Young told the room of around 200 that the club are “in discussions with possible interested parties, but we will keep to the October 16 deadline.”
Club consultant and former chairman Alan Savage, who has recently injected £350,000 of his own cash to cover key bills, also addressed the audience.
After saying the club had suffered “five years of financial and operational neglect”, he stated his view that administration would be the best way forward. He described it as “the better of two evils” when compared to liquidation.
He explained, should administration happen, his Orion Group will try to find people jobs if they are let go by ICT and will help suppliers, but insists they would go into administration “in control”.
Chairman wants to look forward
Young asked people to look forward rather than back following questions about decision made by former chief executive Scot Gardiner by one audience member.
Bennett, a former vice chairman of ICT, who has been back on the board for 20 months, said the former CEO’s work as the club’s finances tumbled “were not checked enough” and added: “We have to be responsible (for that).”
He also said money expected from the battery farm at the city’s Fairways Business Park seemed like a banker.
Billed as a project that would bring in millions of pounds for ICT, a last-ditch appeal was made to overturn Highland Council’s refusal of the controversial plan.
Christie, who is head of youth academy, described club legend Ross Tokely as the “perfect example” of a player, who can be found locally and kick on to have a great career at Inverness.
He claimed the former CEO didn’t want a youth academy, which he states costs less than 3.5% of the club’s losses last season.
Makwana’s deal looks unlikely
Seventy7Ventures, the investment firm led by Ketan 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 they had suspended negotiations with Makwana and Gardiner had left the club.
Although a renewed deal went back in front of the board last week, it’s not thought to be seen as one of those being genuinely considered.
Bennett and Christie acknowledged that a 15-point deduction would make life extremely tough for Caley Thistle, with the latter saying it would involve a “real reset” and it would mean part-time football should they end up in League Two.
‘We will have tried every option’
Speaking afterwards, Young, who is also the club’s supporters’ liaison officer, said: “At the minute, administration looks like the most likely route we’ve got to go down but I am a glass half-full rather than glass half-empty person and I remain optimistic that we might be able to get something over the line before October 16.
“We may not and I and the board will hold our hands up and say we looked at and tried every option.
“If we do go down the administration route, we will embrace that and hopefully come out even stronger.”
When asked about overseas interest, he added: “There are communications ongoing with several interested parties. That’s all I can say at the minute.”
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