With 95% backing, Alan Savage urges remaining shareholders to act swiftly.
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Inverness Caledonian Thistle, a club facing dire financial straits, is on the brink of a potential rescue thanks to Alan Savage, who is urging the last 5% of shareholders to approve his £800,000 takeover offer. This plea comes ahead of a crucial meeting of creditors scheduled for May 22, where a company voluntary arrangement (CVA) will be discussed.
Background of the takeover bid
Alan Savage, who has already invested £1 million into the club over the past season to keep operations afloat, has established a new entity named FC Inverness. He is requesting the transfer of all 4,000,000 shares as a prerequisite for his takeover.
The former directors have agreed to eliminate debts totaling £3.5 million, a significant step towards stabilizing the club’s finances post-administration. Additionally, a deal is in place for the club to acquire parking land around the Caledonian Stadium, further enhancing its financial prospects.
Support from the Caley Thistle Supporters’ Trust
One of the pivotal moments in this takeover saga was the Caley Thistle Supporters’ Trust’s decision to back Savage’s bid. With approximately 10% of the voting rights, the trust’s support is crucial. Savage expressed his gratitude, stating, “I’m delighted to have received the backing of the supporters’ trust, who have been fully on board with my plans to take the club out of administration.” This endorsement signifies a collective effort among supporters to usher in a new era for the club.
With 95% of shareholders already in favor of Savage’s proposal, the focus now shifts to the remaining stakeholders. Savage has urged them to finalize their decisions promptly, emphasizing the importance of their participation in the upcoming CVA meeting. “We’re getting closer to the finish line, and I’d encourage the few who have yet to sign their forms to do so in order to allow my deal to happen,” he stated. The urgency is palpable, as failure to secure the necessary approvals could lead to the club’s liquidation, a fate that both Savage and the supporters are desperate to avoid.
Future plans for Caley Thistle
Once the club exits administration, Savage is optimistic about the future. He envisions a collaborative effort with manager Scott Kellacher and interim chief executive Charlie Christie to assemble a competitive squad for the upcoming League One season. “We’ve come such a long way in recent months alone, and once we’re in a position to exit administration, we can then start to plan for the short and long-term future,” Savage remarked. The club’s recent performance, despite a 15-point deduction, has shown resilience, and the management is eager to build on this momentum.
Conclusion
The situation at Caley Thistle remains precarious, but with Alan Savage at the helm and the backing of the supporters, there is hope for a brighter future. The next few days will be critical as shareholders make their decisions that could ultimately determine the club’s fate. For fans and stakeholders alike, the call to action is clear: support the bid to ensure that Caley Thistle continues to thrive in the world of football.
