Savage Takes Charge to Save Inverness Caledonian Thistle
Inverness Caledonian Thistle is once again benefiting from the benevolence of Highland businessman Alan Savage, according to revelations from administrators BDO.
The club’s plight has attracted notable interest, with reports indicating that up to 15 potential buyers are eyeing the Scottish League 1 side, including a foreign investor who engaged in discussions just last Thursday.
During a meeting with the coaching staff on Monday, BDO’s James Stephen communicated that while one offer had been turned down, the lingering issues regarding the land surrounding the stadium could pose significant barriers to any prospective sale.
“I’m optimistic,” he stated, reinforcing the sense of hope that Savage’s involvement has instilled. “Alan’s given us a great period of stability to iron out all these issues, but I really want to see it moving forward in January.”
“I would like to get to a preferred bidders stage, with a view to putting forward a company voluntary arrangement proposal to the creditors. I’d like to see the land situation sorted out as part of that,” Stephen added, outlining a pathway forward amidst the uncertainty.
To the point, he noted a significant funding gap remains until the season’s end. However, club advisor Savage is poised to once again financially bridge this gap while the search for a buyer continues.
While the exact figures remain under wraps, Stephen did encourage local fans and the community at large to rally behind Savage in this critical moment, providing crucial support for the ongoing efforts.
Caley Thistle, which fell into administration back in October, holds a lease for their home at Caledonian Stadium until 2094, courtesy of the Inverness Common Good Fund and the Highland Council.
Yet the club is entrenched in a complex land arrangement, sub-letting 10 acres – encompassing parking and facilities – from Inverness Caledonian Thistle Properties (ICTP), a venture aligned with former chairman Ross Morrison and ex-director David Cameron, who acquired it earlier this year.
Stephen outlined a precarious predicament, highlighting that the existing agreement leaves the club vulnerable, with the potential for sudden termination and changes to land use looming over the horizon.
Post-administration, ICTP expressed willingness to either sell a significant portion of this land to the club or a future buyer, albeit with terms demanding “financial recompense.”
While Stephen assures that this won’t be detrimental to the sale, the extra financial burden will inevitably weigh on prospective buyers’ calculations. He is slated to engage with Morrison for crucial talks in January.
In a glimmer of hope, BDO acknowledged the club’s resurgence on the pitch, applauding their improvement with four wins in their last six matches, though they remain precariously positioned second from bottom, sharing this unenviable spot with Dumbarton – both teams penalized with point deductions for their respective administrations.
Savage characterized the current atmosphere around the club as “fantastic,” exuding renewed energy among players and staff alike, remarking how one player even requested to extend his contract just last week.
