Former Caley Thistle directors have been urged to thrash out a Caledonian Stadium car park deal which could be key to confirming a buyer for the club.
It has been confirmed 15 parties remain interested in buying administration-hit ICT.
However, a car parking stalemate is delaying the sale of the League One outfit – with club consultant and former chairman Alan Savage, at a Monday press conference, agreeing to the suggestion another former chairman, Ross Morrison, and ex-director David Cameron are holding the club to ransom regarding a section of the land around the Caledonian Stadium.
The car park land is under lease to Propco Ltd, which was bought from Tulloch/Springfield in 2023 by ex-ICT chiefs Morrison and Cameron.
James Stephen, of Caley Thistle administrators BDO, detailed the wrangle around the section of the car park land – which is known as the “Bermuda Triangle” – and said: “The stadium and all the land around it is owned by Highland Council/the common good fund. The club has the lease until 2094 for the stadium – (but) when I say stadium, I mean exactly that.
“We are a sub-tenant for the circa 9-10 acres of land around the stadium, which includes the car parks. The head tenant is a company called Inverness Caledonian Thistle Properties (Propco). (And) our sub-lease is with Inverness Caledonian Thistle Properties. That is controlled by Ross Morrison and David Cameron, who are two former directors of the club.
“That was purchased by them in 2023. These leases run until 2094 as well.”
Stephen says the potential for Caley Thistle’s lease of the parcel of car park to be pulled at “quite short notice” has left prospective buyers “concerned”.
He added: “Given where the club sits, a major portion of the land is important to the club as it is not a city centre club.
“Transport links are not great, and having that lands allows the club to promote non-football revenues which could be a big factor in the club being successful going forward.”
Car park situation ‘not fatal to the sale but adds another significant cost to any acquisition’
Stephen revealed, since ICT entered administration, Propco have made a proposal “basically to offer a significant portion of the land to the club or a prospective purchaser”, but would require “financial recompense for that”.
The administrator added: “It’s not fatal to the sale (of the club), but it does add another significant cost to any acquisition.”
Consultant Savage remains confident – if ‘cooperation’ with Morrison and Cameron over land can be reached
Savage spoke to the media after the BDO press conference, and the club chairman from 2006-2008 said he remains “very confident the club has a positive future” – if they can find “cooperation” on the car park issue from Morrison and Cameron “as 50-50 partners” at a meeting scheduled for next month.
He said: “They are talking through lawyers, and I thought they would have talked to the administrators, who are doing a great job, and sat around the table – not with lawyers involved.”
When asked whether, the dealings with ex-club supremo Morrison should be viewed mainly in business terms, Savage retorted: “You call it business, I call it greed.”
Savage pumps in more cash to keep ICT going
Savage, who is a former ICT chairman, has injected close to £1 million this year alone to keep the administration-hit club afloat and it was confirmed today he is going to fund the club with more “significant” cash to keep it running.
In terms of Savage’s fresh commitment, Stephen said: “The club has a significant funding gap until the end of the season, and I am glad to confirm that Alan Savage has agreed to again support this, which gives us stability over a period of time to pursue the sale.
“The commitment from Alan is significant and that should not be under-estimated. I would again encourage the local community to come forward and help in whatever small way you can to assist Alan with the funding requirements.”
Interest from the UK and worldwide – but one bid has been rejected so far
Last week’s Caley Thistle club update published on Companies House confirmed 21 expressions of interest, and BDO expect offers to be made soon and to move through the sales process next year.
The list of the club’s 140 creditors was also laid bare – with Caley Jags debt racking up to £3.8m.
Former ICT chairman Morrison is owed the most – £1,650,251 – with ex-directors Allan Munro owed £661,500 and Cameron £410,000.
Stephen said: “We still have significant interest in the club – around 15 parties.
“Discussions are ongoing and we had a call on Thursday with a potential (foreign) investor. That went well and they have asked for further information.
“Interest is both UK and worldwide.
“From a buyer’s perspective, there are two parts to consider. The first is the funding to buy the assets and allow me to promote a credible voluntary arrangement. The second bit is they need to understand what the funding is going to be like for the club moving forward as it strives to move away from a loss-making position.
“Parties have asked to see budgets beyond the end of this season – we are preparing them and they will be ready in early January.
“We will continue those discussions in January, and I am still very optimistic and pleased with the interest we have still got. We’ve been having sensible and credible discussions.
“We’ve had one offer already, which unfortunately we had to reject as it wasn’t going to work. They have gone away to rejig their thoughts.”
Administration HAD to happen
On the pitch, Scott Kellacher’s ninth-placed team are eight points below nearest rivals Annan Athletic, with a game in hand away to Queen of the South to come next month.
This Saturday, Caley Thistle host Paul Hartley’s promotion contenders Cove Rangers.
Stephen, who praised the attitude and desire of staff, kicked off his press briefing by stressing administration HAD to happen to give the 30-year-old club a chance of surviving.
He said: “There has been a lot of chat from various parties that administration didn’t need to happen, but I want to be crystal clear this club was only surviving prior to my appointment due to funds from Alan Savage.
“In the absence of Alan, the club had no other working capital to move forward. To say administration shouldn’t have happened is factually incorrect.
“There were efforts to convert loans to equity or write loans off. They would have improved the balance sheet but not put cash into the business.
“Administration was a result of cash flow insolvency.”
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