Caley Thistle’s consultant Alan Savage has tabled an £800,000 offer to buy the administration-hit League One club.
The Inverness side have been in administration since last October, but the former club chairman and owner has set a two-week window for his offer to take full control of ICT to be accepted.
Savage, who was chairman of Orion Group, has set up a company called FC Inverness, which is where he wants all 4,000,000 shares transferred to.
Thursday’s statement from joint administrators confirmed a £3.5million debt owed to former directors had been agreed by the creditors to be wiped out post-administration and the club continuing to operate.
The rescue bid had been thrashed out in little over a week since key shareholders gathered to discuss a possible rescue package for the troubled 30-year-old club.
Administrators BDO said a positive meeting with loan creditors, shareholders and a former director resulted in the heads of terms being agreed to write off loans and return the shares to ICT.
It added that they had resumed talks with “four or five” interested parties regarding an offer for the 2015 Scottish Cup winners. This process is expected to continue throughout April.
Just 11 days previously, administrators warned the Caley Jags were “at significant risk” after no offer from potential buyers had been lodged by the deadline on March 6.
Savage will have pitched in £1million by the end of the season in May and if his new offer to become the owner is rubber-stamped, his personal input will be heading for double that tally.
Clock ticking for Savage control bid
On Friday morning, he set out his vision and plans at a press conference.
He said: “Anyone who has an interest in Inverness Caledonian Thistle Football Club knows the predicament the club is in.
“With the clock ticking, I thought it was the right time to bring my personal offer, not Orion Enginereering, to the table to buy the club out of administration.
“It is as follows: I am setting up a company, let’s call it FC Inverness as a special purpose vehicle to buy the club out of administration for £800,000 and this offer is open until the close of business on April 11, 2025.
“My offer to James Stephen, BDO’s administrator, is conditional on:
1) 100% of the shares are transferred to FC Inverness
2) all long-term loans are written off
3) all the trade creditors sitting administration accept that their debts are settled
4) The company PropCo gives a written undertaking to sell their peripheral lease (excluding the triangle) to Inverness Caledonian Thistle for the price agreed at the meeting on Wednesday, March 19, with an assurance that the purchase can be completed by April 18.
“Under my control, the immediate drivers will be to keep the club’s football licences, stay in League One, and prepare for next season.
“The team around me will remain the same, (manager) Scott Kellacher, (assistant player-boss) Billy Mckay, (interim CEO) Charlie Christie, (director and former vice-chairman) Graeme Bennett, and (new business manager) Andrew (Benjamin).
Plotting a return to Championship
“The medium-term goal is to be playing mid-table Championship within the next couple of years.
“Obviously, as I have said before, the club will need help, and I am hoping that being out of administration and debt-free will encourage local businesses and governmental bodies to step up to the financial plate.”
Savage was clear in that should a wealthy owner with a sound plan emerge, he will allow that to happen.
He added: “For the record, if my action prompts the acceleration of a better offer from another buyer, I will immediately step aside.
“My offer last August was to fund the club for three months until a buyer was found. This was extended to the end of the season and still stands.
“But without ownership and full control, I can only pay up to June’s wages if my offer is not accepted. Over to BDO.”
Planning ahead if deal goes through
With just over a month left of this season, Savage hopes a rapid conclusion to the administration process can help the football department plan ahead.
He said: “If (BDO’s James Stephen) doesn’t accept my offer by April 11, he is back negotiating with some guy from Ecuador or Venezuela who is asking questions.
“I don’t know the details (of those who are interested parties), but this is an offer that will work.
“You can’t please all of the people all of the time, but it is an effort to (get to the point where we can) say to (manager) Scott Kellacher, who is going to leave and who is going to stay?
“We want to retain as many of the players as we can because they are a good team, then add a couple of players to it, rather than not have a squad ready for pre-season.”
‘In my business life, rightly or wrongly, I’ve called the shots.’
The offer requires more than 500 shareholders ALL to agree to what Savage is asking for.
But he insists the time is imminent for a decision and he cannot keep funding the running of a club in such an uncertain state.
He added: “It needs a decision. We can’t still be debating in November this year when I’m still picking up the tab, is such and such fan going to sell his shares or not.
“In my business life, rightly or wrongly I’ve called the shots. I can’t operate where I’ve got to phone A, B, C and D and say, ‘is this okay?’
“I don’t work like that. It is not sustainable.
“We need somebody as the driver to sustain the football club in the Scottish leagues through clever recruitment – (interim CEO) Charlie Christie has promised that.
“We need to be buying players low and selling high, rather than giving them away to Carlisle United, as we have in the past.
“That’s got to stop, and it will stop under this option.
“It is a mess that needs tidying up, and this is a proposal to tidy it up.”
‘Why am I doing it? I’m insane’ – now over to the administrators BDO
And when asked why he’s pitching in to buy ICT, Savage said with a smile: “Why am I doing it? Because I’m insane.
“I live in Inverness and have done very well out of Inverness. I don’t think the club has been treated fairly and properly, probably through neglect, not on purpose.
“It deserves a chance, and I think I can give it a chance – and do it in a cost-effective way.
“But I want control as part of that deal. This is a way I can get control.
“I’ve talked to the administrator and let’s see what happens two weeks from now.
“It’s over to him now to try and sort it out.”
From crisis to fresh hope in 11 days…
Since relegation from the Championship last summer, fans have been on a rollercoaster ride of emotions.
Administration, prompted by overall reported debts of almost £4million, was activated in October, with the team’s 15-point deduction making it a battle to stay in League One.
Even the past 11 days have seen news go from critical to this high point.
On March 17, administrators issued their stark “liquidation” warning.
The current level of loans from former directors of ICT – to the tune of around £3.5million – was detailed as one of three concerns to suitors.
The second was “the nature of the club’s disparate shareholdings is impacting the ability of a potential acquiror to have adequate control”.
And lastly, “the uncertainties stemming from the ownership of land surrounding the stadium” was another blocking issue.
Hours later, Savage called on key figures in Inverness to save liquidation-threatened club.
Last Wednesday, a meeting set up by former ICT vice chairman Allan Mackenzie, brought the 10 major shareholders into the boardroom to try and find a solution.
Afterwards, the “very positive” meeting Savage said any moves to secure prospective buyer could “now be rekindled”.
On Thursday, the latest BDO statement from the joint administrators offered the best signal of hope.
It confirmed they are resuming talks with “four or five” parties after a crunch deal was clinched with major shareholders and creditors to write off debt.
Survival chase continues in Dumfries
Inverness, managed by Scott Kellacher since administration was triggered, has guided his largely young side out of the relegation zone.
They sit three points above ninth-placed rivals Annan Athletic, who are in the relegation play-off spot with six games to go.
Their efforts to remain in Scottish football’s third tier continue tomorrow when they travel to fifth-placed Queen of the South in Dumfries.
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