INVERNESS SPORTS TRUST???

[L_G]

Just caught a snippet on the news that David Sutherland will step down as chairman at the AGM and that Tullochs will transfer their shares to Inverness Sports Trust.  I think the new chairman will be Alan Savidge from Orion Engineering and Mike Crowe from Lifescan will also join the board.

Caught be a bit unaware, so I might have missed something or picked it up wrong, but that's how I heard it.  Anyone shed any light on it?

[Yngwie]

:010:

Sutherland stepping down would be no surprise, but Tulloch selling out would be. Maybe he feels they have achieved their objectives, and never intended to be long term owners of the club.

But what on earth is Inverness Sports Trust?

[finmack]

See official site for statement. I will be sorry to see David Sutherland stepping down, as he has been a fantastic chairman of our club.

[maimie]

cant do the linky thing but here you go..

              McALLISTER MEDIA

News release from Inverness Caledonian Thistle FC:

Change at helm as new Sports Trust

is set for shares control

David Sutherland will step down as chairman of Inverness Caledonian Thistle FC as construction company Tulloch, principal shareholders of the Inverness club, seeks to transfer its shareholding to a new Inverness Sports Trust.

The changes will take effect from the club's AGM in August.

Mr Sutherland's successor at the helm of the SPL club will be Alan Savage, founder and chairman of Inverness-based international recruitment specialists The Orion Group. He has been a strong supporter and sponsor of the club and its youth development programme.

Mike Crowe, head of LifeScan Scotland, the club's shirt sponsors and a major employer in the city, has accepted an invitation to join the club's board.

The new Inverness Sports Trust will be launched with a £200,000 donation from Tulloch. The Trust directors will be Mr Sutherland and Caley Thistle director George Fraser, deputy chairman of Tulloch plc.

Mr Sutherland said:"I flagged up when I became chairman just under a year ago  that I did not see it as a long-term measure because of my other commitments. I also feel that a club like ours should be open to fresh leadership, probably on a three-year cycle.

"Thus I will be stepping down but I have put in place a strategy for the continued success of ICT FC under the leadership of a highly successful businessman in Alan Savage, working closely with the Board and Chief Executive Mike Smith, who has full responsibility for the club's administrative and commercial arms. Graeme Bennett will continue as director of football.

"I'm delighted that Alan has accepted an invitation from the Board to take the helm and he knows he can rely on my continued support.I would like to thank my fellow directors for their backing and commitment during my time as chairman."

Mr Sutherland added:"I have a wider interest in sport and, having given the club a significant financial legacy, I wish to provide through Inverness Sports Trust a vehicle to assist a range of other sports, including athletics and shinty.

"The Tulloch shares in the club will transfer to Inverness Sports Trust when fiscally expedient. Tulloch will give the Sports Trust initial funding of £200,000 to give it recognition and profile. We hope there will eventually be further financial backers."

Incoming ICT FC chairman Alan Savage said:"I'm very honoured to be invited to take the chair at a club whose fortunes I have followed since its inception.

"David Sutherland is a hard act to follow but I've been assured I can call on him for advice at any time. I look forward to working with the directors and staff to underpin and extend the club's outstanding progress. Our third SPL season beckons, under talented young manager Charlie Christie, and we all need to work diligently in pursuit of ensuring Caley Thistle have the best possible opportunity to  survive and prosper in the top flight.

"Running a business like Orion, with a £150 million turnover, has given me expertise which I hope can benefit Caley Thistle. Orion has grown worldwide from Inverness over the past 20 years and being club chairman will help me put something back in to the city from which my company has flourished."

After the AGM, the directors of the club will thus be Alan Savage (Chairman), Graeme Bennett, Sandy Catto, Mike Crowe, George Fraser and Ken Mackie.

                                              ends

[CaleyD]

All makes sense to me, my only worry is that the new faces will lead to another round of "Give us time" excuses with regards to the off the park issues.

Here's hoping Alan Savage can hit the ground running and implement some positive changes soon as I for one am sick of the 2nd rate treatment and handling of fans issues that I feel has been getting worse for the last 3 or 4 years.

[Harry Chibber]

All the best... thank you very much for SPL football  :notworthy01:  :notworthy01:

Wish he was staying but good luck to Alan Savage hopefully he help can bring more success to the club

[Kingsmills]

I suspect that David utherland will still hae a great deal of influence in the boardroom.

[caley100]

Errr.. What the feck is Inverenss sports trust? it sounds like a very diluted sports set up as far as we are concerned, what is the point in it?

More to this than meets the eye...

[Scotty]

Errr.. What the feck is Inverenss sports trust? it sounds like a very diluted sports set up as far as we are concerned, what is the point in it? More to this than meets the eye...

Considering DS already gives money to things like the Highland Games, Shinty, and other sports then maybe its a way of formalising all the various Tulloch/DS donations under a trust .... it probably benefits all concerned because of tax benefits .... also the phrase "we hope there will eventually be further financial backers" bodes well if someone else wants to become involved.

[CELTIC1CALEY3]

A man of his word and modern day Carnegie.

Good luck to our new Chairman who has the right credentials to take us gently forward in a tough league.

[caley100]

All very well Scotty, but what benefits ICT from this move?  Sounds like a Profile boost for DS.

This is a charitable sporting body which all of a sudden has become the mjor shareholder in ICT, so it has not got football as its sole purpose if he says it will benefit all sports, albeit locally.

If he has other sports to help in mind, why set it up with ICT shares?

Is this to distance Tullochs from ICT? - cant think it is mind you, the name is all over our stadium!

[Kingsmills]

I don't think that there's any possibe sinister motive here.

[CaleyD]

The trust is not being set up with ICT shares.  The ICT shares are in effect worthless to the Trust in terms of a cash value and the only benefit they will gain from them is a large voting right in the club.  AS DS will be Chairman of this new Trust and it appears that it will be further manned by hos own people than as far as I can see, nothing has changed in that regard.

Any investment which the Trust attracts will be split among all sports, and although this may dilute some of what might have previously gone in to ICT, it will also attract investment from those who want to invest in/support the wider sporting community.  How this will all balance out is anyones guess at this stage, but my feeling is that it may actually enhance Investment in ICT whilst helping out with other sports.

I am not entirely certain what kind of Trust this has been set up under, but one of the main features/rules of all Trusts I have had dealings with is that they are not allowed to operate for the profit of it's members.  In other words, this is in no way, a money making move for DS or Tullochs or anyone else involved in the Trust.  Once the shares have been transfered to the Trust then any money made from them has to be used to meet the objectives of the Trust.

Looking at that from a practical point of view....as things currently stand, if Tullochs decided to sell their ICT shareholding, any money made would go in the pockets of Tullochs and ICT wouldn't see a penny.  Under the Sports Trust setup if they sell any shares the money goes to the Trust and ICT get a share of that money......I know which setup I prefer.

Although this is more than likely a PR exercise on the part of DS/Tullochs, that does not mean that it is being done to the disadvantage of anyone.

[IMMORTAL HOWDEN ENDER]

Fer fecks sake lets get down to the nitty gritty. Does DS or Lilly Savage now owe me a double voddie and coke?  :008: :008:

[Heilandee]

Talking of outstanding Voddie debts IHE  ........still no sign of Colin Henry then!!!

[caley100]

Just have to nail him down in the Heathmount next time he's up Alan!!! - which wil be 29th

[caleyboy]

A man of his word and modern day Carnegie.

Good luck to our new Chairman who has the right credentials to take us gently forward in a tough league.

Maybe my memory is zapped but in 2001, I'm sure DS said that he would transfer the tulloch shares to the ICT Supporters Trust at the end of the 5 year deal on voting rights. Am I right? At that time the Supporters Trust had still to be set up but now that it has, why would he want to set up a new trust? :024:

[Charles Bannerman]

Caley 100.... I seem to recollect that, even when the ICT Trust was set up in 2001 (to rid the club of £2M of debt and save it from the receivers), the Trust had to be constituted to include the interests of all sports and not just football in order legally to qualify for tax breaks.

Given that Caley Thistle were effectively saved from oblivion by this move and by Tullochs' money, I wouldn't get too territorial about what is the club's and what isn't.

I would also, incidentally, mention the £1.8M of public money from which ICT benefited when the Stadium was built.

However the ICT Trust is a completely separate issue and we are talking here about the new Tulloch promoted Inverness Sports Trust. Given the role that Tullochs have played in the transition of Caley Thistle from a near bankrupt First Division outfit to an unusually solvent SPL club, I think they should be left to support such sports as they see fit - which they've been doing for some time anyway.

[CaleyD]

Caley 100.... I seem to recollect that, even when the ICT Trust was set up in 2001 (to rid the club of £2M of debt and save it from the receivers), the Trust had to be constituted to include the interests of all sports and not just football in order legally to qualify for tax breaks.

A debt that is underwritten by Tullochs and other charitable trust board members, so it was as good as a direct investment as far as ICT is concerned.  A figure that is often forgotten when counting up what Tulloch etc have put in to the club.

I would also, incidentally, mention the £1.8M of public money from which ICT benefited when the Stadium was built.

A debt that will have been repaid (plus interest) with the extra interest it has generated in the City and the extra money put into the pockets of many local businesses over the last 12 years as a result.

Not to mention the fact that a fair chunk of that "Public Money" was used to pay for the upgraded road infrastructure which opened up that entire area for industry and the income that will be generating in rates etc.

Also lets not forget the local and football politics that led to us having to build the stadium in it's current location at a far higher cost than it could have been completed elsewhere.

All the above are reasons why it annoys me when people trot out the "Look at how much public money you got" line.  There are many people ICT have to be thankful too for their existence, but "the public" is not one of them.

However the ICT Trust is a completely separate issue and we are talking here about the new Tulloch promoted Inverness Sports Trust. Given the role that Tullochs have played in the transition of Caley Thistle from a near bankrupt First Division outfit to an unusually solvent SPL club, I think they should be left to support such sports as they see fit - which they've been doing for some time anyway.

Charitable Trusts/Supporters Trusts/Sports Trusts - it's hardly suprising people are getting confused.  People are often skeptical of what they don't understand which is why I think the time should be taken to educate on how all these things work, interact with and benefit ICT and the wider sporting/football community.

Trusts-Trusts-Trusts could be the name of the next ICT related book  :015:

[Charles Bannerman]

Caley D.... 1) irrespective of who underwrites the debt, the fact is that the setting up of the ICT Trust was fundamental to saving the club from oblivion and the inclusion of sports other than football was fundamental to being able to set up the ICT Trust. That, however, does not detract from the fact thas it is the ICT TRUST.

2) You still cannot escape the fact that Caley Thistle owes its existence to the fact that substantial sums of public money were invested in the club. On a number of occasions between 1993 and 1996, the future of Caley Thistle hung on a knife edge. One of these was in 95-96 when the Common Good Fund's £900,000 was absolutely vital to survival. The "public" could just as easily have invested £1.3M in the link road, if it thought necessary, even if there had been no football club there. Then you have to additional contributions from INE, Objective 1 etc.

3) The "local and football politics" which you say led to going to East Longman were, in fact, entirely football politics. Stratton Farm was the strong choice of INE and a cross funded stadium could have been built there at minimal cost to the club. It was the CLUB'S insistence that they went to the more expensive option of East Longman (which planinng requirements then made even more expensive.) So in reality, the public money was needed to bale out the club's own more expensive preference.

4) A lot of public, Tullochs' and other people's money has helped football in Inverness to catch up on the performance levels enjoyed by other sports in the city for years. Perhaps now, with Tullochs' help, the entire Inverness sporting community can move forward together without becoming too partisan.

[CaleyD]

If it's a spade, then call it a spade, I don't buy into all the spin different people try to put on events.

However, the one thing we both agree on, and probably the most important, is your last line.....

Perhaps now, with Tullochs' help, the entire Inverness sporting community can move forward together without becoming too partisan.

[Kind of Blue]

Charlesand Caley D, you both make good and relevant points which i'm not going to add to.

As far as the new Trust is concerned there is nothing, in my opinion, to be concerned about.  D Sutherland and Tulloch will continue to provide support (including financial) to ICT for many years to come.

Its taken a number of years but David Sutherland has now silenced the sceptics who doubted his motives towards ICT.

[Scotty]

Charlesand Caley D, you both make good and relevant points which i'm not going to add to.

As far as the new Trust is concerned there is nothing, in my opinion, to be concerned about.  D Sutherland and Tulloch will continue to provide support (including financial) to ICT for many years to come.

Its taken a number of years but David Sutherland has now silenced the sceptics who doubted his motives towards ICT.

spot-on !!!

:clapping04: :clapping04: :clapping04: :clapping04:

[Charles Bannerman]

All I would add is that, over the years, ICT and the greater Inverness community have had a constructively symbiotic co-existence. They have benefited each other hugely, although I would have to add the caveat that whilst Inverness could have survived without Caley Thistle, the converse is not the case. But that's merely an historical analysis. Fortunately both are going from strength to strength to their mutual benefit.