Caley Thistle look set to go into administration after 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, has 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.
It’s understood Inverness are now in advanced stages of lining up administrators BDO to step in.
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.”
Fans’ fund help with bills
The club’s Save ICT Fund has raised just over £86,000 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.
Ex-manager Dodds reacts to news
Former Inverness manager Billy Dodds, reacting to the news of imminent administration, told BBC Radio Scotland today: “It’s sad news today. The club were in the Scottish Cup final last year and in the Premiership play-off final the season before that (under Dodds’ guidance).
“There are good people still at the club and I hope jobs are saved.”
Conversation