Caley Thistle have confirmed they intend to appoint administrators next week.
On a dramatic day of twists and turns, which included news of two potential bids, the troubled League One side confirmed they intend to move into administration on Monday or Tuesday.
A club statement released just after 6pm on Friday read: “The directors have signed a notice of intention to appoint administrators to be filed at the court.
“We envisage that the proposed administrators will be appointed on Monday or Tuesday.
“A plan is in place to allow the club to continue to trade whilst efforts to secure a long-term future are explored.”
The announcement, which would mean a 15-point League One penalty, came only a couple of hours after it emerged six Highland businessmen had stated their intention to table an investment bid by Monday morning.
The consortium, who have a majority shareholding in the League One club, were hoping to prevent Caley Thistle going into administration.
Earlier in the day, a Moray businessman and the Highland club opted not to strike a last-ditch investment deal.
David Anderson from Cullen, who works in the IT and finance sector, met the League One club’s board on Thursday to discuss a potential investment, reportedly of £1.2 million.
A Friday lunchtime deadline was given but Anderson, whose firm is called DA Capital, opted not to go ahead as the club fights to stay afloat with debts exceeding £3m.
Inverness chiefs are thought to require a larger sum, with up to £1.6m needed before the end of this season alone.
Anderson’s plan was to help out with a seven-figure lifeline, but not become the long-time owner of the club.
An ICT statement written by interim chairman Scott Young said: “Whilst a deal was not reached, negotiations on a purchase ended amicably and DA Capital are welcome back to the table once the club’s financial situation is under control.
“The board will make a further statement in due course.”
City businessman confirms new plan
Fears of administration arose but Inverness businessman Don Lawson, who was aiding Anderson’s push, revealed he was part of the fresh move by the consortium.
Lawson, a former Ross County director, told the Scottish Sun: “There is a consortium in deep discussions as we speak. I’m involved in that as well.
“It is a consortium of large shareholders, some of whom are ex-directors. Several others are involved in deep discussions that will go on over the weekend.
“It is not over until the fat lady sings.
“There is a potential bid going to be on that table by first thing Monday morning.
“These guys don’t want the club to go into administration and have the support of one or two other significant names.
“Everyone is putting their heads together and will be meeting over the weekend.
“They have the club’s best interests at heart.”
Lawson explained why he was pitching in for the good of ICT.
He added: “I have said all along, when I was involved in June and July with the possible Portuguese deal, my allegiance is with Ross County.
“My motivations are I’m a football man, a crazy football fan, and I’m an Inverness guy with businesses in Inverness. I want Caley Thistle to survive and Inverness to thrive.”
Savage had welcomed surprise bid
Speaking only one hour before the club statement confirming the notice of intention to appoint administrators, Savage told the Press and Journal: “The board were set to file papers to put the club into administration.
“But they are going to hold off on the back of this welcome news that the consortium seem prepared to put money in to support the club on a long-term basis.
“But the fans need to know over the weekend who the names are and what’s going on.
“It is a surprise, but I hope these guys can deliver a long-term plan for the club, which is burning money at a rate of £40,000 per week.”
Gordon Ritchie, whose GRM Marketing firm was representing Anderson at his negotiations, said: “Our investor won’t be investing. We were looking for a last-minute deal to help the club stave off administration.
“He was contacted through me by major shareholders who were prepared to work with him, but unfortunately, like we said, my investor was in it to stave off administration. It was to buy time, six to nine months.”
Fans’ fund help with bills
The club’s Save ICT Fund has raised almost £87,000 since being set up this month. The initial goal was £200,000.
Money raised so far is being used to help with the daily running of ICT and Young this week thanked fans for their ongoing support.
He said: “I would just like to clarify that should we go into administration, all funds raised will be used to fund the club expenses in the administration period and will not be expended on professional fees.”
Club consultant and former chairman Alan Savage said he will cover the costs of administration, which could hit £500,000.
Second-bottom ICT host Annan Athletic on Saturday. The 15-point hit would send Inverness to the foot of the table next week.
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