- League One outfit saddled with well over £3million in debt
- Consortium mounted a renewed attempt to avoid insolvency
- Duncan Ferguson’s side now facing 15-point deduction
Inverness Caledonian Thistle will enter administration next week after a six-man consortium failed in a last-ditch bid to rescue the Inverness club.
The League One outfit, who are saddled with well over £3million in debt, expect to appoint administrators by Monday or Tuesday.
Earlier yesterday, local businessman Don Lawson had revealed that the consortium —including Cullen businessman David Anderson, with backing from past chairman Ross Morrison and ex-directors Allan Munro and David Cameron among others —would mount a renewed attempt to avoid insolvency.
It was also stated that the joint bid involved shareholders who already held more than a 50 per cent stake in the club.
Only a matter of hours later, however, it fell flat when those involved conceded their proposal was unworkable.
The Highlanders have been a permanent fixture in Scottish football for 30 years
Manager Duncan Ferguson (left) has admitted it’s been a challenging time for everyone at the club. Gordon Ritchie (right) was part of the consortium which staged a last-ditch bid to save the club
That means the 30-year-old club, former Scottish Cup winners and Europa League qualifiers, will now suffer their biggest blow since formation.
Their fall from grace was confirmed in a club statement on behalf of the board of directors.
It read: ‘The directors have signed a notice of intention to appoint administrators to be filed at the court.
‘We envisage that the proposed administrators will be appointed on Monday or Tuesday. A plan is in place to allow the club to continue to trade whilst efforts to secure a long-term future are explored.’
Alan Savage, former chairman of the club and the board’s financial consultant during the latter period of their current crisis, was in close contact with all parties yesterday.
Gordon Ritchie of GRM Marketing, who was closely involved with the consortium who attempted a late rescue as well as other potential buyers, said last night: ‘All through to 1am this morning, from meetings that started at 8am in Inverness, we have been working and communicating with the board and with Alan Savage — and other shareholders – to try and find a solution to assist the club in not going into administration.
Aaron Doran (top) and Danny Devine lifted the Scottish Cup with Caley Thistle in 2015
‘David Anderson was prepared to look at a £1.2m purchase or investment or loan to the club but, on a joint look over the accounts with Alan’s accountant, it was clear that an insurmountable level of investment was needed.
‘In reference to the fast-moving discussions that were ongoing in exploring how we might make it work, previous directors — all with the best interests of the football club at heart — were looking to come to some form of conclusion with the club.
‘But, at the final stages, the complexity of it all meant that all concerned felt administration was a decision they seriously had to consider.’
Caley Thistle will now face a 15-point deduction in League One when they enter administration.
Striker Billy McKay knows this weekend’s clash against Annan could be his last for the club
As things stand, that would leave manager Duncan Ferguson’s team on minus 6 points — 12 points behind the team who are currently bottom, Dumbarton.
The club will also be hit by a further five-point penalty next season but, more seriously, they face potential job losses among staff, players and management.
Before last night’s statement was released by the board, Caley Thistle’s captain and record goalscorer Billy Mckay admitted the players were heading into today’s home match with Annan Athletic knowing it could be their last for the club.
‘You can try to block things out, but you can’t block it all out because it’s our jobs,’ he said. ‘Hopefully we will get a big crowd on Saturday, and they can really support us. Who knows, it might be some boys’ last game for this club.’
