The club held it's AGM last night and announced a 70% cut in their losses.  A loss of £263,000 was announced for the year ending May 2020 which is a major drop from the £892,000 for the previous year.  The gate receipts were down from 74'893 to 43'106 although retail went up 20%.  

While it is still a large debt the Chairman, CEO and Directors would appear to be steering the club in the right direction even with all the problems that were caused by the covid 19 pandemic.

That’s very encouraging and achieved whilst keeping the team competitive in the league and last season’s cup. 

Agree that it looks good, but y/e May 2020 takes us only into the start of the pandemic.

I suspect that the losses for the year to May 2021 will be greater as the entire financial year will be Covid affected.

However, with the staff being furloughed for much of the time and minimal match day costs our expenses will also be much reduced and we will also have banked the fee for Daniel McKay so the losses will not be that much more.

Great credit should go to the board and CEO for steering us through these financially choppy waters on a reasonably even keel while still managing to put a competitive team out on the pitch.

The huge shortfall in gate receipts,  only slightly affected by the pandemic highlights  the already dwindling attendances.

Not unsurprising, but always concerning.

15 hours ago, IBM said:

The club held it's AGM last night and announced a 70% cut in their losses.  A loss of £263,000 was announced for the year ending May 2020 which is a major drop from the £892,000 for the previous year.  The gate receipts were down from 74'893 to 43'106 although retail went up 20%.  

While it is still a large debt the Chairman, CEO and Directors would appear to be steering the club in the right direction even with all the problems that were caused by the covid 19 pandemic.

Whilst it would not have been possible to attend anyway, I find it a little strange that no documents, proxy forms, accounts, or notice of AGM was received. I usually get this well in advance of any meeting .... did others receive this? Maybe it got delayed in the post. 

Agree with others though ... its better than expected after the last 18 months of pandemic affected football. 

 

Its a legal requirement. I got mine

27 minutes ago, Naelifts said:

Its a legal requirement. I got mine

Ditto

Here is the statement from our Chairman Ross Morrison.

AGM 2021 – Chairman’s Statement - ICTFC

 

I think that the club needs to come up with something new by way of something competitive and potentially lucrative for fans and the citizens of Inverness to become involved in. The 50/50 draw didn't seem to be attracting much interest before it was put on hold (and with a £250 top prize it isn't really 50/50 at all). The Centenery Club -does it still exist? - we came out of it years ago when we noticed that the prizes had become less, without informing fans of changes.  Surely the club could start up some kind of lottery or such like with an accumulative prize system. If we were able to take part either by paying in advance ie monthly or yearly to enter, or buy buying entries at shops in the town. Hopefully as prizes rose in value more people would buy more tickets. It would be good PR for the club and create a bit of a buzz about the place. You have to speculate to accumulate and I think the club has not been doing that lately. And wouldn't it we good to see fellow fans winning substantial sums of money?

16 minutes ago, CaleyHedgehog said:

I think that the club needs to come up with something new by way of something competitive and potentially lucrative for fans and the citizens of Inverness to become involved in. The 50/50 draw didn't seem to be attracting much interest before it was put on hold (and with a £250 top prize it isn't really 50/50 at all). The Centenery Club -does it still exist? - we came out of it years ago when we noticed that the prizes had become less, without informing fans of changes.  Surely the club could start up some kind of lottery or such like with an accumulative prize system. If we were able to take part either by paying in advance ie monthly or yearly to enter, or buy buying entries at shops in the town. Hopefully as prizes rose in value more people would buy more tickets. It would be good PR for the club and create a bit of a buzz about the place. You have to speculate to accumulate and I think the club has not been doing that lately. And wouldn't it we good to see fellow fans winning substantial sums of money?

The Centenary Club still exists and I have been a member since it started although the prizes are less now due to reduced membership.  I miss the 50/50 draw at matches since we have been back to the games and I am sure they miss the money for the youth.  I have been very lucky in both over the years!

I do think the club need to promote it more or change it to attract more members locally as you say which would bring in more money to the club.

The club are looking into creating a lottery named 'Nessy Numbers' or something similar 

34 minutes ago, jamie ictfc said:

The club are looking into creating a lottery named 'Nessy Numbers' or something similar 

A lottery would be a good idea which I will happily subscribe to.

However, let's hope that naff name never sees the light of day.

I read an article that stated if Bournemouth get promoted this season Celtic will receive a further £2m as part of transfer deal. Anyone heard about this or know if ICT receive funds also should it happen ?

2 hours ago, jed5697 said:

I read an article that stated if Bournemouth get promoted this season Celtic will receive a further £2m as part of transfer deal. Anyone heard about this or know if ICT receive funds also should it happen ?

That sounds like a fairly standard clause in the deal between Celtic and Bournemouth and could indeed result in some cash for us if Bournemouth are promoted.

Might help fund our first Premiership campaign for a number of years.

All down to the agreement between ICT and Celtic when Ryan left us. Bournemouth seemingly raving about him. Let's hope he gets promoted and hope we get more cash.

Edited October 6, 20214 yr by caleyboy

1 minute ago, caleyboy said:

All down to the agreement between ICT and Celtic when Ryan left us.

I would sinerely hope that whoerver was offering the club legal advice at the time would have had the wit to draft a clause entitling the club to a share of all funds flowing from the transfer by Celtic to any club purchasing Ryan from them.

A failure to have done so would be extremely remiss.

30 minutes ago, caleyboy said:

All down to the agreement between ICT and Celtic when Ryan left us. Bournemouth seemingly raving about him. Let's hope he gets promoted and hope we get more cash.

Don’t think that’s right. Our clause was/is for ‘20% of any future fee’  which means if Celtic were to receive further future fee’s for Ryan we would be due 20% of them.

1 hour ago, jamie ictfc said:

Don’t think that’s right. Our clause was/is for ‘20% of any future fee’  which means if Celtic were to receive further future fee’s for Ryan we would be due 20% of them.

I doubt that it is quite that simple.

Even if we don't have anything on Ryan, let's hope at least somebody had the braincells to put in a sell on clause on Dan MacKay...

6 hours ago, Jack Waddington said:

Even if we don't have anything on Ryan, let's hope at least somebody had the braincells to put in a sell on clause on Dan MacKay...

It is acknowledged that there was a sell on clause in the contract to transfer Ryan to Celtic.

There will, without any doubt, be a similar provision in our agreement with Hibs in regard to Daniel McKay.