STATEMENT BY JOINT ADMINISTRATORS OF INVERNESS CALEDONIAN THISTLE FC

03/17/2025 10:42 AM

Despite a strong level of interest from several parties, the Joint Administrators (JAs) of Inverness Caledonian Thistle FC (ICT) are disappointed to confirm that no offers were received for the club by the deadline of 5pm on Thursday 6 March 2025.

Feedback from interested parties highlighted three concerns.

Firstly, as any transaction would include the use of a Company Voluntary Arrangement (CVA) to compromise ICT's debt, interested parties expressed concern re the current level of loans (circa £3.5 million) from former directors of ICT (the Loan Creditors). A CVA requires 75% or more of creditors voting in favour. Interested Parties indicated agreeing any sale and purchase agreement was problematic as a number of loan creditors were at a value where they could veto a CVA proposal.

Secondly, the nature of the club's disparate shareholdings is impacting the ability of a potential acquiror to have adequate control.

And finally, the uncertainties stemming from the ownership of land surrounding the stadium.

While the JAs are continuing to work towards a resolution, which would include a transaction and CVA to allow the club to exit the Administration free from historical debts and retain its status in the Scottish Professional Football League (SPFL), a sale transaction does not appear to be achievable in the absence of new parties coming forward and the future of the club is now at significant risk.

The JAs are continuing to work to seek resolution to these issues.

Prior to the JAs' appointment in the summer of 2024, the Loan Creditors had agreed to write off their loans. The JAs have written to the relevant former directors requesting that they now fulfil their agreement. Some have agreed, others are pending. The JAs remain hopeful that this issue can be resolved shortly. 

To address the concern about the nature of the disparate shareholding, the JAs have also written to a number of material shareholders setting out the position and requesting that their shares are returned to the club, or the potential acquiror, at no cost. Further letters will be issued next week. A number have agreed to this request and the JAs hope that this issue can also be resolved.

The JAs have also approached Alan Savage, former club Chair, to ascertain if he could be prepared to support the club on an ongoing basis. Mr Savage has provided support to ICT in administration and has ensured funding is in place for the club to complete the 24/25 season. His commitment since the summer of 2024 until the end of the season will be circa £1million.

Mr Savage has indicated he would be prepared to provide the following level of support to enable the survival of the club:

• Provide 25% of the acquisition price of the club, and
• 25% of the funding requirements for the next two seasons after 24/25.

This funding would be based on prepared budgets, with cost controls in place. Any deal Mr Savage would support will also require the resolution of the issues outlined. If an acceptable offer is put forward, the JAs hope to present a CVA to the creditors for their consideration with a meeting of creditors to take place by the end of April. 

A BDO spokesperson said: "We appreciate that this latest update will be disappointing for players, fans and the wider community.

"Given what has been achieved both on and off the pitch throughout the Administration period, we would very much like to see a sale of the club to ensure that its future is secured and we would encourage all parties to cooperate in this endeavour.

"We are grateful for Alan Savage's ongoing financial support and would urge any interested parties to come forward with a view to acquire the club. The JAs would welcome the opportunity to discuss and provide a guide in respect of an acceptable price."

ENDS

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