Caley Thistle chief executive Charlie Christie insists shareholders must put their faith in Alan Savage to save the beleagured League One club – the only firm offer on the table.
The former midfield star and manager has been interim CEO for much of this season and is desperate to see the 30-year-old Highland club come out of administration.
Ex-chairman and club consultant Savage will have injected £1million into ICT to keep it running by the end of this season as Scott Kellacher’s young side have four games to stay in Scottish football’s third tier.
Almost two weeks ago, Savage tabled an offer of £800,000 for the Caley Jags, in return for 100% of the shares being transferred to a company he’s set up for that purpose called FC Inverness. The deadline for responses from ICT’s 500 or so shareholders is close of business this Friday.
Ex-directors agreed to wipe off £3.5m worth of loan debt
Former directors recently agreed to write off £3.5million of loan debts, giving the club a chance of survival if a new owner can be found.
This came hot on the heels of administrators BDO warning liquidation was on the cards without swift action after a buyers’ deadline passed without offers last month.
BDO had been tasked with resuming talks with “four or five” interested parties, but as yet no other offer is in place.
The three other conditions Savage set out ahead of this Friday deadline were: all long-term loans are written off, all trade creditors accept that their debts are settled, and 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.
Savage has repeatedly said, should a suitable candidate come to the fore as a potential new owner, he would back the move for the good of the club.
Four years ago, Hollywood actors Ryan Reynolds and Rob McElhenney completed a stunning takeover of then National League side Wrexham. The Welsh club are now second top of League One and in strong promotion contention.
‘Alan’s offer has given the club a lifeline. I hope shareholders see this’
With time ticking fast, Christie hopes shareholders see the ultimate value in transferring the 4,000,000 shares to FC Inverness, and for The Orion Group chief to plot a survival plan for ICT, who he wants to see back in the Championship in 2026-2027.
Christie said: “We’re now a few days away from Alan’s deadline and we need to be realistic. His is the only bid on the table as far as we know.
“I would love the idea of someone coming in and ‘doing a Wrexham’ style takeover, with two rich American film stars coming in to save the day.
“However, that has not happened – the bottom line is that Alan’s is the only firm offer on the table, as confirmed this Tuesday tea-time by the administrators.
“The club’s survival is at stake here and I would urge any shareholders who have any doubts over whether to put their trust in Alan to do just that. It could make all the difference to whether Caley Thistle survives now.
“Alan’s offer has given the club a lifeline. I hope the shareholders see this.
“I am also a shareholder, as are members of my family. In a perfect world, we’d all like to keep our shares. But the survival of the club trumps all of that.
“If the club is liquidated, all our shares become totally meaningless.
“In recognition of shareholders giving up their shares, I think it would be completely fitting to have a commemorative wall to recognise all those who bought shares.
“It’s an initiative I’d be keen to see – to have it set within a wall to say these shareholders have truly supported their club through thick and thin.
“The administrators have made it clear Alan’s is the sole offer right now going into Wednesday.
“All the people who have been in the data room seeking information, not one has come back with a firm offer.
Savage aims ‘to streamline ICTFC’
“There are huge complexities over trying to find a buyer for the club, so I can fully understand why Alan is trying to make it more streamlined, including in terms of the share and loan issues.
“Alan is a man, who if this deal does go through, will have put in by next season close to £2million. He’s put his money where his mouth is. It’s a good offer because it guarantees the survival of ICT.
“All we want is for the club to survive. All I want is to come along here in five years’ time with my grandson and watch Caley Thistle.
“Do shareholders want to take the risk? They might not take this offer, the team keeps the club in League One, but Alan walks away. He has said he will finance the club until May.
“What happens if there is no buyer, and the club is liquidated? This is how stark it is.
“The two options are take the offer from Alan, or see ICT be liquidated. That doesn’t bear thinking about.”
With just four games to go this season, Inverness are eighth in League One, three points ahead of Annan Athletic, who are in relegation play-off position.
This Saturday, the Caley Jags are home to Kelty Hearts, who are just one place and one point ahead of ICT.
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