CELTIC1CALEY3

Chris is quite speculative in saying that. Hamilton have certainly had some problems this season and that is in the public domain. Dunfermline seem to be between a rock and hard place - again in the public domain.

There is a lot in the last 5 years that we have yet to discover. However, without pinning blame lets start with the concerts. Anyone competent would have carried out a detailed risk analysis of the proposal and put in place sound arrangements if it was likely to have been a financial success like the Rod Stewart concert. With regard to Director loans, a competent person would point out risks involved both to the Club or Company but ensure the elasticity of such proposals did not stretch too far. The reason why the car parking deal that collapsed is not known so was this negligence, a contract that was still open to due diligence or maybe given too much credence? Recruiting Duncan Ferguson and Bolan was a disaster of monumental proportions. I am convinced a motivator of players could have achieved far more last season and not squandered the Cup Final golden egg monies. It does seem odd that there was over ordering of fan kit given known annual sales figures. With regard to the battery farm proposal. Competent people would have again carried out a detailed risk appraisal and spent some time with Council planning officials to satisfy themselves that the planning application had a high chance of success. Wealthy Directors failed to show compassion and decency to significant players. That has to be the seen as quite appalling treatment of fellow decent human beings. Writing off an £80k payment from Carlisle when finances were stretched was foolish!! Over 30 years there have been rocky spells and poor judgements but realistically it has been over the last 5 years (with COVID impacting thinking too on financial prudence) that the lack of competence has been seen. So to answer the question - only appoint competent professional people to run a company. In effect those giving financial, company secretarial or legal advice. We do not appear to have done that, especially in the last 5 years.

As a reminder, these were the Club's assets as declared on the accounts to 30 May 2023 Fixed assets £2,043,272 being mainly the stands and stadium and some plant and equipment Investments £1 being the Battery Farm project I assume - described as group interests Current assets - Stocks, debtors and cash £1,093,349 Ross Morrison can certainly be offered some of the stock (anyone for a shirt?) but we know there is no real debtors money or cash left. Having a second hand lawn mover could be useful if he has a large lawn. I have a view on the stands and stadium which is not necessarily shared by others. We can only speculate what are Ross's revised rights and options as a creditor. Does he have the Club over a barrel or are the Administrators in a stronger position?

Given that the Football Company really now has just a £1 or 1% share in the Battery Company it remains unclear what benefits would have accrued if it had succeeded. The moral of the story is that you use someone competent to assess the viability of a project before shouting from the rooftops. Where does this leave Ross Morrison?

Under the Companies Act 2006 members of a company are those who subscribe to its memorandum (with their membership commencing upon the company's registration) and those who agree to become members of a company and are registered as such in the register of members (section 112, Companies Act 2006). Liability is restricted to the share purchase price or current value. (Limited liability companies) Creditors are individuals or entities that have lent or are owed money to an individual or company. Different animals if I recall correctly.

One of the unknown variables is where Chairpersons, Directors and others have paid bills behind the scenes which have not transparently been shown in official figures.

For those with a keen interest in Common Good land and properties here is a very useful link https://www.landcommission.gov.scot/downloads/6038f965432bb_Common Good Land_web 24.2.21.pdf

The 99 year lease has strict conditions attached to it because of the use of Common Good land. Those of us who have worked on such projects know that. Common Good is not defined scientifically so is open to some interpretation and the Council could have been much stricter at the outset. The battery farm application was somewhat different - although as you say it too involves land use although not Common Good land. The decision was taken based on Planning Law by a Highland wide Committee. It was the manner of decision making that seems to have caused angst i.e. agree and then reverse. The Appeal questions the logic, not the right of the Council to change its mind which we all support if there are very good reasons for doing so. The football officials who helped negotiate the 99 year lease approached the Council in a more conciliatory way than those who handled the battery farm application. I think hypocrisy is quite a strong word to use.

I would hope Inverness Area Committee Members will soon give comfort to some supporters that there are very strict conditions attached to the 99 year lease granted for football purposes.

20 clearly better than 0! However, clearing the decks is the critical aspect of the administration process that will result is what we hope are some genuine decent bids. Sounds good, I am optimistic, but nothing is easy in life.

Kelty TV Highlights - a classic example of editing out key moments in the second half that would have raised refereeing questions!!

One day we will see history made when a referee books a goal keeper for feigning injury when they make a hash of a save and the ball ends up in the net. Fair play for Kells not going down the 'blame the referee route'. Agreed that yesterday was a great game to watch. We have to be patient because the signs are good.

Hopefully Saturday evening Tidser is able to claim his team did not turn up.... Join us on the road as we head to the Californian Stadium for our next SPFL William Hill League One clash.

Charlie should be back this weekend with Danny so let's look forward.

I am working on the assumption that Alan Savage knows what he is doing. I cannot envisage a situation other than where Morrison has the company over a barrel where he can benefit from asset control. We do not know what was in Pandora's Box but we can probably accept that Morrison's position now is weaker. If Morrison sought to collapse the company I am sure Councillors would want to bring the land back into CG control where the Council could benefit residents.

Charlie, in some ways this is worthless to Morrison because the Inverness Councillors are strict on the use, or re-use of common good assets. If you recall, there was some concern back in the 1990's from Councillors then about providing common good land for the new football club. Arthur McCourt was the Club's saviour. However, the lease has fairly strict terms attached to it.

Here is a reminder about the land used by the Company and possibly explains why Alan made reference to the Council helping in the survival bid. https://ictfc.com/significant-milestone-for-ictfc-as-tulloch-agrees-transfer-of-stadium-lease/

Given the losses that the club have made and the qualifications that have been made to ICT FC's Annual Accounts over the pass few years it is quite possible that there are legitimate questions the Administrator's will ask. Bear in mind that at the beginning of July 2024 the Board was confident that the Company was a going concern: The independent auditor's report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 3 July 2024 was Paul Capewell, who signed for and on behalf of A9 Accountancy Limited. Included within the audit report is a material uncertainty relating to Going Concern: "We draw attention to note 1.2 in the financial statements which indicates that the company incurred a net loss before tax of £588,053 for the year ended 30 May 2023 and, as of that date, the company had net liabilities of £125,816 and net current liabilities of £2,160,442. As stated in note 1.2, these events or conditions, along with other matters as set forth in note 1.2 indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter. We understand that the Directors have taken action to pursue new investment (additional details are provided at note 1.2). In the meantime, we understand that the Board of Directors are confident that the company can meet its financial commitments as they fall due. In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report." Senior Statutory Auditor: Paul Capewell Statutory Auditor: A9 Accountancy Limited Date of audit report: 3 July 2024

We could not have asked for anything better at this stage!! This is so far extremely good news.

Inverness Caledonian Thistle FC can confirm Adam Brooks, Cameron Ferguson, Flynn Duffy, Wallace Duffy and Jack Newman have all the left the club with immediate effect following the ongoing review of the financial position with the Joint Administrators.

That's a bit unfair saying 'no brainer' given his DNA.

Totally agree with this. It was great news yesterday that an established local coach was being retained. A person who survived significant adversity himself. Even better that Billy looks like being kept on. It is now likely, depending on the squad of players who remain, that we will be more positive each time we take the field. Anyone who was at the first game against Arbroath this season in the cup will know how incredibly well the young team took them on in the first half. When we brought on the established in the second half, the no shooting rule seemed to be back in force. With our backs against the wall hopefully we have suffient members of the current squad to go forward again. Will soon find out.

The fraud word may be something we do hear about in due course considering the lack of governance shown in recent years.

From a personal perspective I am pleased for us and Scott Kellacher with this news.

Ross Morrison will find a way with SG as Project Manager to offer some benefit from the security he has over the club's modest assets!!