Caley Thistle consultant Alan Savage says the anonymous businessman claiming in the media he’s had a £1.2 million bid for the rejected club must confirm who they are.
News emerged on Tuesday night – 24 hours before the investment deadline to avoid administration – a Highland-based suitor offered to inject more than £1m into the struggling League One side.
The condition of the deal, it was claimed, was Inverness would not enter administration, while guarantees were sought on the level of current debt.
Earlier this month, the Caley Jags launched a Save ICT fund, which kicked off with a £200,000 target to stave off entering administration this month.
At this stage, the pot stands at around £85,000, which interim chairman Scott Young said will be used to pay current and ongoing club costs – whether they enter administration or not.
Administrators are on standby
Inverness, who would be punished with a 15-point SPFL penalty to plunge to the bottom of League One should they, as expected, go into administration, will require up to £1.6m before the end of the current season to survive.
A report stated the businessman had offered £1.2m for the 50.45% share in ICT on Tuesday morning, but was informed by lunchtime by the club his bid had been turned down. There is thought to be no other offer under consideration.
The businessman is said to be working closely with Inverness businessman Don Lawson and GRM Marketing, headed by Gordon Ritchie.
Savage, chief of Inverness-based The Orion Group and ICT chairman from 2004-2006, advised fans and shareholders at last week’s emergency meeting that administration is the best route out of trouble.
It is now down to the board in the coming days to discuss the way forward, with BDO administrators on standby.
Savage: ICT must ensure unnamed investor is credible
Savage, described the £1.2m “bid” reported in the press as “an expression of interest, not a formal offer”, and said the potential investor’s identity needs to be disclosed to move forward with any deal.
He added: “The SPFL/SFA have a protocol in place for the due diligence required by them before any negotiations on anyone who wants to take over a football club can take place.
“The club then needs to ensure he’s credible as a person (as per SFA/SPFL protocol) and has the financial profile to take this on and see it through. Then he signs a non-disclosure agreement (NDA).
“The businessman should come out and tell us who he is and be prepared to fund the club’s cash-flow (estimated at between £30,000-£40,000 per week) whilst diligence on both sides takes place.
“The club are following the football authorities’ rules and must do their due diligence within the clauses in the rule book.”
The SPFL handbook says due diligence is “a formal process that involves expert advisors examining various aspects of a football club, such as financials, tax, employees, commercial contracts, governance structures, and football specific matters.”
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