Consultant Alan Savage calls for community support to rescue the club.
Topics covered
Inverness Caledonian Thistle (ICT) is facing a dire financial crisis, with consultant Alan Savage publicly appealing for support from the local community to prevent the club from going into liquidation. Following a press conference on Monday, Savage expressed his disappointment that no buyers had emerged by the March 6 deadline set by the club’s joint administrators, BDO.
The situation has become increasingly precarious, with ICT reportedly at significant risk of closure.
Financial struggles and community responsibility
Having previously stepped in to assist the club when it fell into administration due to debts exceeding £4 million, Savage has invested around £1 million to help ICT navigate the current season.
However, he has now stated that he has “run out of money” and is seeking urgent financial backing from Inverness’s affluent businesses and individuals. He emphasized the need for approximately £1.8 million to sustain the club through the next season, especially if they remain in League One.
Challenges in finding a buyer
BDO’s recent statement outlined several obstacles that have hindered the sale of ICT. The complexities surrounding the club’s debt structure, particularly loans from former directors totaling around £3.5 million, have deterred potential buyers. Additionally, the club’s fragmented shareholding has created challenges in establishing control for any prospective acquirer. These issues, coupled with uncertainties regarding land ownership around the stadium, have made the sale process particularly challenging.
Community engagement and future prospects
In light of these challenges, Savage is calling for a meeting with major shareholders to discuss potential solutions. He believes that with collective effort, the Inverness community can rally to support their only full-time professional football club. Savage’s plea highlights the importance of ICT not just as a sports team, but as a vital part of the city’s identity. He stated, “It would be criminal for the city of Inverness not to have a football club. It is unthinkable.” As the club faces a critical juncture, the response from the community will be crucial in determining its future.
