Admin Update and a Savage Bid
Latest Updates on Admin March 28th
In a fast moving Administration news couple of weeks, the Joint Administrators issued a worrying statement on the 17th of March stating there were no offers on the table. That prompted former vice chairman Allan Mackenzie to hold a powwow on Wednesday 19th March where interested parties, or maybe more correctly, parties with an interest gathered round the peace pipe in an effort to come up with a way forward that will assist in the sale of the club. Subsequently, with the path for a sale cleaned up, Alan Savage has now put in a bid of £800K. We now await BDO to play their hand.
That's much more promising news for the Caley Jags fans as the team do their best on the park.
STATEMENT BY JOINT ADMINISTRATORS OF INVERNESS CALEDONIAN THISTLE FC March 17th 2025
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.”
ICT FC Press Statement - Wednesday, 19th March, 2025
Issued by Allan Mackenzie (former vice Chairman and adviser) following a meeting held earlier today with key Shareholders.
Meeting attendees – Allan Mackenzie (Chairman), David Cameron, Ross Morrison, Allan Munro, David Sutherland, Graham Rae, Roddy Ross, Alan Savage, Graeme Bennett and George Moodie (representing the Supporters Trust). Craig Maclean (Minutes).
(Apologies were intimated from Dougie McGilvray (Weldex) and Richard Smith (ICT Trust).
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Allan Mackenzie statement:
Following the Statement issued on Monday 17th March, 2025, by BDO, the Joint Administrators (JAs) of Inverness Caledonian Thistle FC, (ICT), I offered to convene a meeting of the key shareholders of ICT to try to explore the possibility of finding a fast and meaningful way forward, to addressing the key 3 issues identified by BDO as currently inhibiting their drive to procure a sale of the club to a new Buyer.
I was delighted by the attendance at the meeting and thank all attendees for coming with a positive intent to look for solutions, geared to an aim of wanting to do their very best for the club to ensure its survival.
The 3 key uses from the BDO statement have been identified as
Loans Shares and Land. (surrounding the Stadium). I am pleased to report, that after long, commercially focused and collaborative debate, all parties agreed to sensible proposals to address all 3 matters, subject, of course, to getting appropriate assurances from BDO on each matter.
For my part, I undertook to engage with BDO, as a matter of urgency, to ask that they capitalise on this tremendous goodwill and to assiduously advance the Administration with a view to securing a successful CVA, securing a buyer and exiting the process by the end of the current season.
BDO should now have a very much better “sales pitch” for the people who have expressed interest in buying the club and, needless to say, the parties today and the staff at the Club will use best endeavours to assist them in that enterprise.
Much needs to be done in a very short space of time, but I am now very much more optimistic that this exercise, which has been necessary, albeit painful for all, can advance to an early conclusion.
We owe it to the loyal and dedicated staff at the club and to Scott Kellacher and the team, (all of whom have done their best from their perspective) to demonstrate the same commitment and focus.
Inevitably in a commercial deal, such as this, there will follow a period of “purdah” whilst detailed negotiations take place. Please do not treat this as stasis. Rest assured everyone is working diligently to secure the positive outcome mentioned above and as soon as is possible, a further update(s) will be issued publicly.
Meantime, thank you all for your patience and commitment to the ICT cause.
See you on Saturday!
Allan Mackenzie
Inverness.
19.III.25
Mr Mackenzie's efforts were very much appreciated and subsequently Alan Savage has made his opening bid to buy the Club. Alan released this statement on 28th March 2025.
Alan Savage bids £800K
Everyone who has an interest in Inverness Caledonian Thistle Football Club knows the predicament the Club is in.
With the clock ticking I thought it was the right time to bring my personal offer to the table to buy the Club out of administration.
It is as follows:
I am setting up a company, let’s call it FC Inverness as a special purpose vehicle to buy the Club out of Administration for £800,000 and this offer is open until close of business 11th April 2025.
My offer to James Stephen, BDO’s Administrator is conditional on:
100% of the shares are transferred to FC Inverness. All long-term loans are written off. All the trade creditors sitting in Administration accept that their debts are settled. The company PropCo gives a written undertaking to sell the peripheral lease (excluding the triangle) to Inverness Caledonian Thistle for the price agreed at the meeting on Wednesday 19th March with an assurance that the purchase can be completed by 18th April. Under my control the immediate drivers will be to keep the Club’s football licences, stay in Division 1 and prepare for next season. The team around me will remain the same Kell, Billy, Charlie, Grassa and Andrew.
The medium-term goal is to be playing mid table Championship within the next couple of years.
Obviously as I have said before, the Club will need help and I am hoping that being out of Administration and debt free will encourage local Businesses and Governmental bodies to step up to the financial plate.
For the record:
If my action prompts the acceleration of a better offer from another Buyer I will immediately step aside.
My offer last August was to fund this club for 3 months until a buyer was found, this was extended to the end of the season and that still stands. But without ownership and full control I can only pay up to June’s wages if my offer is not accepted.
Over to BDO.
End of statement.
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