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Caley Thistle have interest from 20 prospective buyers – as administrators BDO provide update

Inverness' joint administrators are in the process of trying to drive the sale of the club, following their appointment last month.

Caley Thistle's Caledonian Stadium. Image: SNS
Caley Thistle's Caledonian Stadium. Image: SNS

Caley Thistle administrators BDO have received interest from 20 parties after starting the process of finding a buyer for the club.

Inverness have been in administration for nearly a fortnight, after James Stephen, Malcolm Cohen and Shane Crooks were appointed to salvage the Caledonian Stadium outfit.

Their appointment came as a result of the League One club being more than £3 million in debt, with consultant Alan Savage funding the administration process and subsequently rejoining the Caley Jags board.

The joint administrators’ first move saw manager Duncan Ferguson, along with coaches Gary Bollan and Stuart Garden, move on.

In further cost-cutting measure, players Wallace Duffy, Flynn Duffy, Adam Brooks and Cameron Ferguson left the club, along with on-loan Dundee United goalkeeper Jack Newman.

Inverness consultant Alan Savage (left) and BDO Administrator James Stephen. Image: SNS.

In a press conference on October 24, Stephen indicated his first priority was to drive the sale process, at which point he revealed there were already three prospective buyers who had expressed an interest in the club.

That figure has significantly increased in the last 11 days, with BDO now in the process of putting together further documentation to encourage the 20 interested parties to advance their discussions with the administrators.

Local community has rallied around Caley Jags cause

BDO, along with the Caley Thistle board, have also expressed gratitude for the way the local community have played a part in helping the recovery of the club.

A crowdfunding page was set up last month, initially in an effort to avoid going into administration.

Although it fell short of the £200,000 target outlined for mid-October, interim chairman Scott Young indicated the figure raised – currently £87,500 – would contribute towards the club’s running costs.

Caley Thistle interim chairman Scott Young. Image: SNS.

The crowdfunding page remains live, while the club are also hoping to lease out one of their hospitality suites for use as a restaurant.

A BDO spokesperson said: “We have had many enquiries from people wanting to help and support the club financially, ranging from on-site restaurant opportunities to advertising and so on.

“Understandably, some have questioned where the funds will go.

“I’d like to stress that all funds raised will be used towards the running costs of the club and will not be expended on professional fees or to pay historical creditors.”

Inverness back on travels to face leaders Cove

On the park, Inverness’ 1-1 home draw against Kelty Hearts at the weekend means they are 14 points behind Dumbarton at the foot of the division, following the 15-point punishment imposed for dropping into administration.

Scott Kellacher, who replaced the axed Ferguson as head coach when the administrators stepped in, takes his team to Aberdeen this Saturday to face Paul Hartley’s league leaders Cove Rangers.

Caley Thistle head coach Scott Kellacher. Image: SNS

Of the five players shown the door, Flynn Duffy has moved to Championship side Airdrie, while Wallace Duffy has joined ambitious Highland League club Strathspey Thistle.

Clubs are keeping tabs on strikers Brooks and Ferguson, while goalkeeper Newman is back at Dundee United, having been on loan at ICT.

PFA Scotland chief Fraser Wishart has been working with the five players to help find solutions to their situations amid the financial turmoil.

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