Caley Thistle administrators provide major update as deal agreed with shareholders

The Inverness side are fighting to stay in League One - but moves off the park have been crucial this week.

By Paul Chalk

March 27 2025, 4:01 pm

Are brighter days ahead for Caley Thistle? Image: SNS.

Caley Thistle’s administrators are resuming talks with “four or five” parties after a crunch deal was clinched to write off debt.

The Inverness side, who are fighting to retain their place in League One, have been in administration since October, due to debt spriraling towards the £4million mark.

Last week, the joint administrators warned the club, Scottish Cup winners in 2015, could be heading for liquidation as the deadline had passed for a buyer.

That sparked a crunch meeting set up by retired corporate lawyer and ex-Inverness vice chairman Allan Mackenzie to get key shareholders to meet and try to reach an agreement to save the Caley Jags.

Shareholders David Cameron, Ross Morrison, Allan Munro, David Sutherland, Graham Rae, Roddy Ross, Alan Savage, Graeme Bennett and George Moodie (also representing the ICT Supporters’ Trust) gathered at the Caledonian Stadium last Wednesday.

Three hurdles had been stated by administrators when it came to putting off potential buyers.

Former ICT vice chairman Allan Mackenzie, who set up last week’s shareholders’ meeting.

The first was the scale of the loans from shareholders and former directors and need to get a formal CVA (company voluntary arrangement) agreement in place.

The other two were a buyer/buyers being unable to easily gain control of ICT due to the club’s “disparate shareholding”, and ongoing complications surrounding car park land beside the Caledonian Stadium.

With the current season ending in early May, time is running out for ICT to get their future sorted in order to gain the necessary licences from the Scottish FA and Scottish Professional Football League (SPFL).

Administrators ‘appreciative’ of loan creditors and major shareholders

The statement from the administrators on Thursday afternoon will offer real hope a CVA and a deal with a new buyer are realistic targets.

It said: “The joint administrators of Inverness Caledonian Thistle can confirm that a positive meeting with loan creditors, major shareholders and a former director of the club has taken place, resulting in heads of terms being agreed to facilitate the writing off of loans and the return of shares to the club.

“This is conditional upon achieving a successful exit from administration and the club continuing to operate.

“The BDO administrators have spent time re-engaging with a number of interested parties and are pleased to advise that discussions are ongoing with four-five parties regarding an offer for the club. This process will continue throughout April.

“The administrators are delighted with these developments and are appreciative of the position taken by the loan creditors and major shareholders.”