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As regards No 1, saving the club, I’m just not seeing how any of what we know so far might do that in the long term - or even in the shorter term. The most recent accounts show liabilities less what debtors (SFA?) owe within a year sitting at around £2 million; annual losses have been in the ballpark of £600K for some years; income streams have taken a hit by a plunge into League One; they have taken a further hit as a result of in some cases irreversibly low supporter morale and the battering that the club’s public image has taken as a result of how it has been going about its business. Against that, if Alan Savage’s estimate of Makwana hoping to put in a 20% stake and being donated shares to take him above 50% is correct, then that would raise approximately £1M which doesn’t even tickle the current problem, never mind the ongoing one. There has been no mention of ongoing investment and although Makwana may have a lifetime dream of owning a football club, he would need backers and they may well not share his so-far not very convincingly expressed dream. And then there’s the question - are the club’s biggest shareholders simply going to hand over 40-45% of the equity to some unknown guy who has suddenly materialised from the woodwork? Since this “deal” broke on Friday, I’ve been seeing countless unexplained red flags but not one iota of reassurance that this process might have any stability or credibility. Meanwhile, the narrative seems to have shifted slightly with some transposition of the chicken and the egg or the cart and the horse or whatever. It needs to be remembered that the whole purpose of what’s going on is to give the club financial stability and not how Ketan Makwana could achieve a majority shareholding at a knockdown cost to himself. Pardon my pessimism, but I’m really struggling to see any way out of this.

Like a bunch of other supporters, I have the minimum shareholding. My £250 was a donation as far as I am concerned and as you point out, it's a football club, so you are not expecting any return on that. Ever. It was simply a way to feel you were involved, had a stake in the club, not necessarily in the running of it, and not as an official, but as a way to declare your loyalty and affinity for the club. In the same way as being a season ticket holder, a sponsor or buying merchandise gives you the warm and fuzzies knowing you are helping keep our club afloat. If I were to pass these shares on, then there are only two destinations. My son (most likely) or (if he was not interested) to someone like the ST who continue to work for the good and benefit of the club ... absolutely not to some random guy from LinkedIn using made up words and corporate BS to, IMHO, cover all of this in a layer of grubby plausibility (if you are gullible enough). Not sure if it is legal or not, but I would like the council to come out and say that if the club defaults on the lease or ceases to be a going concern, that the remainder of the 99 year lease on the land is null and void. If the ultimate aim is to get their hands on the land, within the freeport, then something like this may send any opportunistic venture capitalist / asset stripper scuttling away.

With a surgeon and a vet there, the question remains - why do we always have so many injuries? And, as I said earlier, what do they know about running businesses of the scale of Caley Thistle? I also note that Thomas is "Interim" Chairman, which probably means that he - and the others? - will be offski once Mr Phygital takes over.

I really fear for the future of ICTFC. I cant believe the amount of disastereous decisions this Board have been responsible for. This has been years in the making. These people are supposed to have finely tuned minds, to make sound business decisions. Would they have ran their businesses in such a shoddy manner? I could have ran the club better. Also, while im at it, how many of the board actually have a long held links to ICTFC? Are they actually supporters of the club? Im thinking they are on the baord for the opportunities it creates for themselves! I really fear that in not too distant future, the Caledonian Stadium could be gone and replaced with a lucrative development....and that will be goal achieved!!

I guess that if the club went into administration, that would also represent a capital loss. But in any case, I don't imagine any shareholder in the club expects to ever get any money back on the shares, so I don't see why they would give shares away to an unknown outside investor. If they were going to give their shares away to create a capital loss, why not just give them to someone associated with the club who clearly has the best interest of the club at heart. To save the club seems a more plausible reason. However, if that was the reason, then surely any significant shareholder with a long term involvement and attachment to the club would need to have been given cast iron assurances that the plans for the club guaranteed the longer term security of the club. At the moment, we have heard nothing that gives us any confidence that is the case. There is, of course, a 3rd possible reason. Rather than having "given away" their shares, they could have "given up" their shares in exchange for something else. In other words. they could have sold out for profit or for some stake in an associated development. This, of course, is purely speculation. We just don't know what is going on. What we do know is that this is all extremely worrying.

I'm not sure I can believe that the board are that far removed from reality that they would trust a ceo working his notice to be deciding the clubs future. However that clashes with the idea that the whole resignation thing is/was a hoax and he was always staying and that's equally far removed from reality. Bonus points for anyone who can come up with a sane explanation for what's going on.

Here it is: EXCLUSIVE: Ex-Caley Thistle chief concerned over ‘desperate’ Ketan Makwana takeover – and says ‘fans will go crazy’ if Scot Gardiner stays Former Inverness chairman Alan Savage "can't see how Seventy7 and the club could have done full due diligence on this deal." By Paul Chalk July 30 2024, 7:00 pm Share0comment Alan Savage, the former Inverness CT chairman. Image: Sandy McCook/DC Thomson. Former Caley Thistle chairman Alan Savage hopes the club’s new major shareholder can quickly banish concerns over the surprise deal. On Friday, the now-League One outfit confirmed an investment offer from Seventy7 Ventures, a UK-based sports, entertainment and leisure group, had been accepted. Despite reported firm interest from American-based suitors for the sum of £2million, the surprise announcement from ICT was Ketan Makwana, the executive chairman of Seventy7 Ventures, had clinched the deal. Ketan Makwana, executive chairman of Seventy7 Ventures, who are becoming the majority shareholders at Caley Thistle. Makwana is the sole director and only employee of the Windsor-based firm and their latest accounts show net liabilities of £15,898. He admitted on social media he had failed in six previous attempts to buy football clubs. Makwana, and ICT, have pledged they will be giving more information beyond their initial statement, with supporters keen to find out more about who is taking over their club. But former player and assistant manager Duncan Shearer asked in his Tuesday P&J column: “Who are his backers? How does he intend on tackling the debt at the club? Will there be funding available to take the club forward?” Shearer also questioned what the future holds for Caley Thistle chief executive Scot Gardiner, who tendered his resignation in June, but was credited by Makwana for helping secure the shareholding. Savage was Highlanders chairman from 2006 to 2008 when the club were in the top-flight of Scottish football. ‘To leave the deal until one minute to 12… Have they just accepted it?’ The chief executive of Inverness-based Orion Group said the financial situation at the embattled Caley Jags must be dire for the board to have handed over the keys to someone who had failed to buy clubs so many times previously. Savage claimed: “I believe certain groups of shareholders have given their shares to Seventy7 to get its shareholding over 50%, as they are only buying 20% of the club. “Why would they give shares to someone they don’t know? What’s in it for them? “Maybe they will respond to this article. “A shareholders’ meeting would have been in order. “He’s had six goes at buying football clubs and been rejected six times. “It’s not a train set – it’s a proud member of the SPFL. “I just can’t see how Seventy7 and the club could have done full due diligence on this deal. “Listen, I really hope this works out. Let’s hope so. “It just seems like a desperate, but I suppose an essential move to avoid administration. “Had I been on the (club) board six months ago, I’d have been asking (now former director) David Cameron and Allan Munro whether they were going to continue funding the club, and, if not, would have started trying to find a buyer then. “There are lots of benefits of being the owner of a football club – business people and film stars are buying clubs in France, Holland, Wales, all over the place. Buyers can fly there, play golf and watch the football. “The club here is an attractive proposition, but to leave the deal until one minute to midnight… Have they just accepted it?” The Caledonian Stadium, home of now-League One club Caley Thistle. Image: Sandy McCook/DC Thomson. Has (or will) new owner Ketan Makwana provide cash up front? Like Savage, many fans have voiced their opposition to ICT CEO Gardiner remaining in place, saying they won’t buy merchandise of go and see the team while he remains at the club. Savage wonders whether the agreement with Makwana and Seventy7 Ventures could include Gardiner staying for some time yet. He said: “I read Duncan Shearer’s column, and I fall in line with what he’s saying – there are many questions to be answered. “The club has obviously got cash flow problems. They need cash immediately to get them through the next few weeks, so will Ketan put money up front before he signs the deal? “Let’s hope so, as not many businessmen in the world would do that. This would really show the fans he is the real deal with genuine long-term ambitions for the club. “Amid it all, you still have Scot Gardiner there, who appears to have done the negotiations on behalf of the club. “Most entrepreneurial people who buy and sell businesses for a living like to decide matters themselves. “But will he keep Scot Gardiner on, because he’s not appointed a CEO, has he? “Fans will understandably go crazy if that happens.” Orion commitment remains to ICT’s youth academy ICT head of youth Charlie Christie. Images: Jason Hedges/DC Thomson. In May, Savage who told the Press and Journal he and his son Paul will pitch in with an Orion-driven initiative of up to £100k if needed to support the ICT youth academy. He said at the time: “I am prepared to cover any shortfalls with sponsorships of various types. “I can put this together and make sure the youth system is protected. “We want to improve it and take it to a higher level, with more one-on-one mentoring. “I have heard of shortfalls of anything from £50,000-£100,000. “The caveats for me is no dealings with Scot Gardiner, and that any money given stays to run that department, independent of the football club.” Speaking to The Press and Journal on Tuesday, he confirmed: “I stand by my commitment that, through Orion, I will protect the youth development, both boys and girls. “I want to put sufficient money in to realise Charlie Christie’s ambition of continuing to mentor players, such as he did with his son Ryan. “Whatever happens and whichever direction the club takes Orion is committed to do that.”

Totally agree with this point. I think that the Supporters Trust are in a difficult position, as far as aiming to keep the door open to discussion with the board. I would imagine that being in the Trust is a fairly thankless task and that you will never please all of the people all of the time. I know I wouldn't want the hassle involved. So I am grateful to those who run the Supporters Trust and thank them for keeping me informed on events.

Perhaps you should direct that comment in the direction of the Hampden day trippers, not those who support the game at the grass roots across Highland Communities.

This takeover looks like it’s a done deal. However whilst S7V may have secured the 51% to control the club there are a number of serious questions regarding what money is forthcoming and when. How sound (clean) is any Jersey finance? Is Gardener now ‘back in the game’ or do we have a leave date. What plans they intend to release regarding the land and what is ICTFC getting 250k ? Is the council on board and have they been submitted anything by the new Board? Through in a mass of unhappy fans, it’s like a disaster unfolding in front of our eyes I know the ST issued a ‘welcome announcement’ however in the absence of any serious information from the club or THC on the due diligence and ‘soundness’ of the takeover, can the ST issue a similar note requesting the club address the fans concerns. Does it need a rebellion again by the fans for the ST to act? Or if they are fully behind the new regime irrespective of the concerns raised, come and fully endorse them in a statement.

They're taunting fans now. They'd have been better leaving out the entertainment 720 stuff and having it solely as a new chairman announcement.

I am no financial expert but this situation with the current information we have looks extremely worrying and has desperation written all over it from all parties involved. Let’s hope it’s not what it seems

Considering Morrison is not a Director or employee you have to question why the Board allowed him to facilitate the direction of the football club - this is from Makwana'a Linkedin page 'My heartfelt gratitude to Scot Gardiner, Ross Morrison and the team at Inverness Caledonian Thistle Football Club'

Jeez-O - so many valid points in there that even edited its still most of the article. Thank You Alan Savage for telling it like it is and for Duncan Shearer for highlighting the questions that need to be asked. Also speaks volumes that he makes it quite clear in his interview on more than one occasion that he doesn't want to deal with our CEO and neither do the fans. At least these two get it, along with the supporters. We have to keep the social media pressure up so that whoever takes the reins of our club passes the sniff test. The lyrics of this football-loving Proclaimers song seem appropriate with just a little adjustment.

I wouldn't want to be sitting next to him when he gets phygital

Let's hope he can find the stadium.

This bit in the interview with Savage is very significant and, if true, the only new news we have had on this deal in the last few days. Savage claimed: “I believe certain groups of shareholders have given their shares to Seventy7 to get its shareholding over 50%, as they are only buying 20% of the club. Why would they give shares to someone they don’t know? What’s in it for them?” Good question. If Savage is correct, it would have to be a number of our largest shareholders, well known names and big ICT fans, who decided to give their shares to the new investor. And to be clear, that would have been their decision, not SG’s or the Board’s.

Jeez!! what the f*ck is going on? Gardiner is behind this to feck the club up before disappears south. I'd love to put my size 12's into that mans gonads.

I was wondering the other day whether you'd take this on again. I know it's been a struggle especially with site issues. Those issues appear to have stabilised just now (I hope I haven't just jinxed it). Fair play to you and great that you are keeping it going. I had a good season last time out so I'll try to better it. CDN Girl is the Champion and the one to catch. No need for us Mods to get involved - you are in control, you are the man. Good luck to all players. Looking forward to another frustrating competition and injury time heartbreakers

Easy if you live in town and have access to a car. But I think the point was that this is no way to treat the fans who are your bread and butter.

It's that time of the year again where we get excited for the start of the league season, only for excitement to be extinguished by reality On the other hand it does mean I get to cut and paste to bring you the NAPs. Head over to the Betting Forum for the new seasons opening week. l will post them tomorrow evening. (Mods, I'll unpin/unfeature this post in a week or two)

Welcome back all, hopefully we'll get the same number of participants if not more than last season. Can you get off to a flyer or will it be the same old from last season? Will CDN Girl defend her title or will @Gringo go one better this season, it's up to the rest of us to take it from either. Championship League 1 League 2

Thank you once again MrCJ for taking the time to run the NAPs league - so looking forward to being bamboozled, disappointed and humiliated week in week out - cheers

Don't need to it's old school just stick a coin in a pail on the way into the stand then sit together, oh and it's Nairn not Mumbai ..

I’m sure the ST will publish something here soon, but they have informed members of an email they sent to Makwana and his response, in which he is receptive to holding an open meeting in due course with them and fans, and in the meantime says he has already given an interview, that clearly hasn’t been published yet. Doesn’t say who it was with.

If like you I lived in Nairn I might also find the Nairn Co v Brechin match a more attractive option! Less chance of a tippy tappy 0-0 for sure!

The ST will have had another whiff of the blazer and the boardroom vol au vents. The gullibility of the support has allowed things to get to this sorry state.

Cheers for the advice but after the utter madness imparted by the club this week I've decided I'll just take my 8 year old along to the wee County v Brechin. Might even stand.. kids love rolling down the hill behind the goal. Treats for sure .. Sprinkles on the High Street for a double cone if the warm weather persists & the Dolphin for a fish supper on the way home. Should still have change from the £340.00 in my sock, unless I lose it rolling down the hill ..

Beat me to it . if it’s season tickets you are looking for it takes a couple of mins to sort out at the shop. Saturday Open 10am to kick off. Buy adult ST get child U12 free. If it’s a game ticket, adult gets U12 free with their ticket. Costs an extra quid if within 3hours of KO. treat yourself and the child, if you are planning watching from the bridge, you are there anyway. if he/she is like my lot, will start asking for food and greggs 20 mins return.

Sorry for the late response. Website comments haven't been turned off but rather a function we never turned on in the first place. I think we are very visible here and on social media for fans to comment so I don't believe not being able to comment on the website would in any way silence the fans opion. In fact that is exactly the opposite of what we are trying to achieve. I believe it would just dilute the messages further but if you think there is value in it we can explore opening this up. If there is anything you feel you haven't been able to express, please drop us an email [email protected], drop a note on here or social media.

Totally agree Scotty it’s not looking good!

In answer to the question asked by Savage, and which we were all wondering too, as to why shareholders would give away their shares, I can now think of 2 reasons. 1. To save the club, if a new investor will only put money in if they gain control ie over 50%, which would likely be a condition of any purchaser. Let’s not forget that if we don’t get a cash injection very soon, the club goes into administration and may well get wound up. 2. Create a tax loss. Disposing of their shares for nothing triggers a capital loss, which can be offset against any future capital gains. This will likely be the only way our shareholders will ever generate a financial benefit from their shares in the club.

This is the sanest I've got for what's going on

You might expect Makwana to be in attendance on Saturday if the deal is as far advanced as they would have you believe. You would also expect under normal circumstances for him to be chaperoned by his new BFF. These however, are far from normal circumstances.

Get in line

It's all part of the exciting new innovative model for running a football club. It's called Fan Free Soccer - or FFS for short.

Time for another Wyness Shuffle podcast inviting Mr Makwana to a no holds barred interview. Do it lads!

LET'S GET PHYGITAL!!!

I am of the opinion that I am actually now going to put money into the club by buying merchandise as I usually do with Birthday money (I'm 39 on 12 August ) as I do that most years. I won't change just because of one man, he's only our CEO nothing more, nothing less! Yes I'm not happy with how he's running the club at the moment but that won't influence how I support the club. As I've said on this forum on numerous occasions (mainly to justify my stance on attending ), I work weekends so can't attend matches due to the love of my job :). One day in the not to distant future I hope to be able to attend matches because my dream career job is to work in an outdoor nursery and, incidentally there are 2 in the Inverness/Moray area at Tornagrain and Elgin but my preference is Fort William (that may be slightly off topic so apologies). If I did indeed move down then the next thing to overcome would be my shyness when meeting new people because I would love to meet up with fellow fans either in bars etc before matches or even at matches because, once people get to know me, they grow to like my humorous sense of humour . Hopefully that is a sufficient response to your poll questions @Leaky Blinder because I can't vote due to lack of attendance at matches.

Well there we go that just highlights how out of touch the so called local media are then. Dougal

And the club are now doubling down .... Panos is the new chairman and looks forward to working with the new owner. PRESS RELEASE The Board of Directors of Inverness Caledonian Thistle have appointed Mr Panos Thomas as their Interim Chairman as they focus on completing a deal to welcome a new majority shareholder to the club. Mr Thomas is a retired orthopaedic surgeon and tutor specialising in sports and knee injuries, who joined the Board as a Director in December 2022. Mr Thomas is in regular contact with Ketan Makwana, the Executive Chairman of Seventy7 Ventures, the UK-based sports entertainment and leisure company, who have had a formal offer to acquire the majority of the club’s shareholding and voting rights accepted by the Board. Mr Thomas said: “I am honoured to have been given the opportunity to chair the Board of Directors at this critical time in the 30-year history of the club. It is a big responsibility but one which I am relishing." “I have been hugely impressed by the drive, energy and vision of Mr Makwana and look forward to continuing to work with him in the coming weeks as our legal representatives discuss the fine detail needed to complete the deal." Mr Thomas moved to the Highlands in 2012 when he became a season ticket holder and recently moved from Nairn to reside in Inverness. Appointed Vice-Chairman is Mr Scott Young, who is a former football coach and referee with almost 30 years experience as a veterinary surgeon. Mr Young is the most recently appointed Director of the club, joining in August 2023. Statement Ends

I’ve been doing a bit of number crunching based on what Alan Savage has said, although this is pretty provisional since the precise definition of the 20% he refers to isn’t clear. But VERY provisionally, in order to get 50%, (with the ST 10% factored in) by contributing “20%”, Makanwa may have to provide something like as little as 800K to £1.14M of new money IF he were able to acquire enough existing shares to top that up to 50%. That amount of new money, frankly, barely scratches the backside of the club’s financial plight and even to do this, he might need somewhere between 1.77 and 1.87 million of the current 4 million shares. Unless they plan chasing round dozens or even hundreds of smaller investors, this would involve a large commitment of the very top holdings, bringing in people like Muirfield Mills, the Charitable Trust, the McGilvrays and David Sutherland. On the other hand, there may be enough unsold new shares available to do that without recourse to a shareholders’ meeting.