With multiple interested parties, Caley Thistle hopes to finalize a sale soon.
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Caley Thistle Football Club is optimistic about securing a preferred bidder by the end of April, as the Highlanders continue to navigate the complexities of administration. The club, which has faced significant financial difficulties, is currently under the administration of BDO, with debts nearing £4 million.
Former chairman Alan Savage, now a consultant, expressed confidence that recent complications regarding a car park lease have been resolved, allowing the sale process to progress smoothly.
Understanding the lease complications
The property company, Inverness Caledonian Thistle Properties, holds a long-term lease on the land surrounding the Caledonian Stadium, which includes essential car parking facilities.
This lease, granted by Highland Council, extends until 2094 and has been sub-leased to the football club for the same duration. However, concerns arose when administrators indicated that the lease could potentially be revoked at short notice, causing apprehension among prospective buyers. Despite these challenges, Savage remains optimistic about the club’s future and the sale process.
Progressing towards a sale
In a recent statement to The Press and Journal, Savage revealed that the administrator plans to set a closing date for interested parties to submit formal offers. This step is crucial for narrowing down the list of potential buyers and moving towards a preferred bidder. Savage is scheduled to meet with the administrator to discuss the ongoing interest from various parties, emphasizing the urgency of concluding the sale before the end of April.
Impact on the team and future ambitions
As the club seeks new ownership, there is a pressing need to stabilize the team. With the possibility of releasing up to 75% of the current squad if a sale is not finalized, the urgency is palpable. The club’s management is in discussions with the SPFL and SFA to determine the feasibility of conducting business in the near future. Savage envisions a scenario where a timely sale would allow Caley Thistle to retain a strong squad and aim for promotion back to the Championship next season. He remains hopeful that the new owners will prioritize stability and growth, focusing on maintaining a competitive team.
New leadership and community involvement
In addition to the ongoing sale process, Caley Thistle has made strides in strengthening its off-field operations. Andrew Benjamin, previously the fundraising manager at Maggie’s cancer center, has joined the club to oversee commercial activities. His proactive approach is expected to drive the club forward, even amidst the challenges of administration. Alongside interim CEO Charlie Christie, who will focus on football operations, Benjamin’s role is crucial in ensuring the club remains engaged with its community and supporters during this transitional period.
Looking ahead
As Caley Thistle prepares for their upcoming match against Dumbarton, who are also facing administration issues, the team sits precariously in ninth place in League One. With only one point separating them from the relegation play-off zone, the pressure is on to secure points and stabilize their league position. The club’s management is committed to ensuring that the team remains competitive while navigating the complexities of ownership transition. The hope is that with a new owner, Caley Thistle can not only survive but thrive in the coming seasons.
