By the turn of the century Caledonian Thistle, the geographical prefix yet to be added to the team name, had moved rapidly from players playing for beer money in the Highland League to a squad of full time professionals more than holding their own in the First Division. The running costs of the team were almost eight times as much as the joint turnover of Thistle and Caledonian only half a decade before and, although income had, of course increased hugely, the pace of increase was greatly outstripped by the pace of increase of expenditure especially on staff wages. Remember Thistle and Caledonian could only muster one full time employee between them.
The then board under the chairmanship of Doug Mc Gillvary, although presiding over great strides on the park, were steadily running the club into the ground from a fiscal point of view. By 2000 the club were over two million pounds in debt, well over twice the then annual turnover and utterly unsutainable for any commercial entity. Worse, that debt was increasing at the rate of about ?300,000 annually on operating costs alone before any thought could be given to servicing the debt.
I'm in no doubt that without the windfall income from our famous victory over Celtic tin February of that year together with the funds generated by the subsequent match and replay against Aberdeen both shown live on SKY our club would have gone into administration, or possibly worse. The best we could have looked forward to would have been a part time side finding a level towards the top of the Second Division.
However the Scottish Cup windfall proved no more than a short term fix and the club, under the old regime, continued to haemorage money at much the same rate as before. By the time Mr Sutherland stepped in the bank were becoming distinctly hostile and were only placated by Mr Sutherland securing the debt against his own, not inconsiderable, personal wealth.
At that time it seemed to me that there was no other motive other than our rich benefactor securing the short and medium term future of the club.
Shortly after, the notion of the club transferring it's most valuable, or more accurately only, asset to a charitable trust was mooted. he debt was apparently somehow to disappear with the right to the long lease of the stadium. I was in doubt about whether this was a good move for the club as I couldn't quite see how it was all going to work. My own view at the time was that the club would be better off retaining the lease, which due to its very long duration, might be almost as valuable as out and out ownership. It seemed pretty clear that we were occupying a prime waterfront location in what was then the fastest growing city in the United Kingdom. It didn't take a property speculating genius to realise that this land was going to increase in value rapidly and greatly.
Nevertheless, given Mr Sutherland's track record at the time as far as ICT was concerned, I was, like many others I suspect, willing to keep an open mind and was eventually won over by arguments such as the trust, given its charitable status, would have tax and other advantages over a normal commercial organisation.
Since then, there seems to have been a complete dearth of information in the public domaion. That may be due to ligitimate reasons of commercial confidentiality. However what is worrying is what is disclosed by two very salient facts which cannot be kept secret.
The first of these is who the owner of the lease now is. That fact must be in the public domain because, due to the value and duration of the lease the title must be registered in the Land Register of Scotland which is a public register from which it's clear for all prepared to pay a modest search fee to see that the lease of the stadium belongs to a limited company with no reference to the charitable trust the vast majority of us believed would become the new tenants.
The second piece of information again comes from a public register namely; Companies House from which it's clear that there is a substantial connection between that commercial entity and our erstwhile chairman.
There may be some perfectly good reason for Mr Sutherland aquiring the stadium rather the stadium trust but surely if there's nothing sinister the best solution is for Mr Sutherland and the Club to be as candid as possible about the matter comensurate with maintaining any legitimate commercial confidence.
Until then, although perhaps ultimately unfounded, it's only natural for us fans and minor shareholders so far kept in the dark to harbour the sort of suspicions which have been aired on this site and among fans and well wishers of the club generally.