Congratulations on New Club Record

[old caley girl]

https://www.thescottishsun.co.uk/sport/football/9370696/inverness-caley-thistle-event-firm-faces-going-bust/

[Robert]

That just about sums the weekend up.

Thank goodness we’ve had good weather given the performance yesterday and now this story.

The club is trying to build local engagement but this will set things back badly in terms of the club’s reputation and how it is viewed by locals.

I know the Board is trying hard, and has kept the club solvent during the pandemic, but to hear of local businesses suffering because of the actions of some of the club’s Directors is not good.

If I’m reading it right, the production company they engaged went way over budget. Is there any come back for that if that is the cause of the losses?

Hopefully a resolution can be found and some of the damage repaired. 

Edited August 28, 2022 by Robert

[Satan]

Not great press, comes off even worse after its been spouted by scummy redtops.

Difficult to get away from this without a foul odour.

Definitely club related, despite idiotic claims to the contrary. 

[old caley girl]

8 minutes ago, Robert said:

That just about sums the weekend up.

Thank goodness we’ve had good weather given the performance yesterday and now this story.

The club is trying to build local engagement but this will set things back badly in terms of the club’s reputation and how it is viewed by locals.

I know the Board is trying hard, and has kept the club solvent during the pandemic, but to hear of local businesses suffering because of the actions of some of the club’s Directors is not good.

If I’m reading it right, the production company they engaged went way over budget. Is there any come back for that if that is the cause of the losses?

Hopefully a resolution can be found and some of the damage repaired. 

Is the production company not the concert company itself? 

[Robert]

No idea. Anyone know?

[forresjags]

FFS what is going on in that boardroom, if all is to be believed then this is a really bad day for our club.

Thought yesterday's performance was embarrassing, but nothing compares to what is being alleged in the national rags.

Please tell us it all tabloid bullshit.

[highlandexile]

10 hours ago, forresjags said:

 

Thought yesterday's performance was embarrassing, but nothing compares to what is being alleged in the national rags.

Please tell us it all tabloid bullshit.

Doesn't look like tabloid bullshit unfortunately,  the letter sent to all creditors asking them to accept the CVA and accept a dividend of 65% of what is owned to them was published in the Courier.

What is confusing is that the directors are blaming the production company for going over budget.  Did the club not organise everything themselves to maximise profits for the football club?  So they are the production company?????

Whatever way you look at it, its a disaster for the clubs reputation with the local community.  How can you get local businesses to support the club when several will be out of pocket after the concerts.

[STFU]

It's all very confusing because it's the same people representing the concert company as are representing the club.

The ICT Concert Company ARE the production company and what they are saying is that the Directors didn't put enough controls in place to stop those running things going over budget (the same directors who help control the club budget!).  As is my understanding, those running things being Scot Gardiner, the same Scot Gardiner who is CEO of ICTFC, and his sidekick John Brown.  Yes, "that" John Brown, and even he was using a club email address.

Feels like Keith Haggart might be the person getting thrown to the wolves here whilst the ICTFC Chairman and Concert Company Director, Ross Morrison remains in hiding and Scot Gardiner runs around kicking up as much ****, dust and confusion as he can so that people can't really see what's going on to cover his ass.

They can spin all the "separate company" BS they like, but as far as those owed money will be concerned, they are one and the same.

We're only seeing the tip of this and it could turn out to be the biggest shitfest the club has ever been subjected to.

[caleyboy]

18 hours ago, old caley girl said:

Is the production company not the concert company itself? 

Seems mighty like it OCG

[STFU]

[Pele_Is_God]

[+MrCaleyjag]

Whatever the outcome, it's doesn't reflect well on the club and will ultimately have an effect on the business side of things. Why would any potential new investors in the football club want to get involved seeing this. The minute it hit the tabloid rags it didn't matter if it was true or not, that's all people will refer to.

Well and truly asleep at the wheel with absolutely no ideas or direction.

The fact they saw this as a way to make money for the football club rather than actually focus on the football club making money itself speaks volumes. 

[Scotty]

4 hours ago, STFU said:

They can spin all the "separate company" BS they like, but as far as those owed money will be concerned, they are one and the same.

This is what worries me the most. 

[RiG]

"...lack of controls by the production company..."

Forgive my ignorance here but is ICTCC Ltd the production company?

If it is then that's lamentable management of the finances for these shows and if it isn't it doesn't sound like they were keeping a particularly close watch on what was going on / didn't have appropriate "safeguards" in place to limit any financial issues becoming their concern when they should really have been borne by the production company.

Another fine mess...

[Yngwie]

I was surprised to see mention of cost control issues when it seemed apparent that lack of ticket sales was the root cause of the concert company’s financial problems?

[IBM]

45 minutes ago, Yngwie said:

I was surprised to see mention of cost control issues when it seemed apparent that lack of ticket sales was the root cause of the concert company’s financial problems?

I think your right there and a lack of organisation in running the events. 

[STFU]

1 hour ago, Yngwie said:

I was surprised to see mention of cost control issues when it seemed apparent that lack of ticket sales was the root cause of the concert company’s financial problems?

Given the level of losses, they'd have needed almost twice as many ticket sales to just break even.  As the stadium would not have held those numbers, then it could be argued that the root cause was the costs.  Low ticket sales just compounded the issue.

1 hour ago, RiG said:

"...lack of controls by the production company..."

Forgive my ignorance here but is ICTCC Ltd the production company?

If it is then that's lamentable management of the finances for these shows and if it isn't it doesn't sound like they were keeping a particularly close watch on what was going on / didn't have appropriate "safeguards" in place to limit any financial issues becoming their concern when they should really have been borne by the production company.

Another fine mess...

They 100% were the production company.  There would be no need for them to exist otherwise.

[old caley girl]

3 hours ago, Yngwie said:

I was surprised to see mention of cost control issues when it seemed apparent that lack of ticket sales was the root cause of the concert company’s financial problems?

Remember all the advertising though? STV for starters... Not cheap! 

[old caley girl]

4 hours ago, MrCaleyjag said:

Whatever the outcome, it's doesn't reflect well on the club and will ultimately have an effect on the business side of things. Why would any potential new investors in the football club want to get involved seeing this. The minute it hit the tabloid rags it didn't matter if it was true or not, that's all people will refer to.

Well and truly asleep at the wheel with absolutely no ideas or direction.

The fact they saw this as a way to make money for the football club rather than actually focus on the football club making money itself speaks volumes. 

If they had gone with just renting the stadium to a bona fide promoter they probably would have made money? 

[Yngwie]

1 hour ago, old caley girl said:

If they had gone with just renting the stadium to a bona fide promoter they probably would have made money? 

Yes, but a pretty small amount of money, and only if a promoter had the inclination to take the risk of putting on large concerts in Inverness.

 

[old caley girl]

37 minutes ago, Yngwie said:

Yes, but a pretty small amount of money, and only if a promoter had the inclination to take the risk of putting on large concerts in Inverness.

 

I believe that was an alternative on offer. 

Surely better than this? Or just me? 

[Yngwie]

I have no information at all on the arrangements or options, but I suspect the arrangement ICT entered into with the Concert Company would have generated a good amount of money for the club if the concerts were financially successful (more than just renting out the stadium for a few days), and largely protected the club from financial disaster if the concerts made large losses. So upside potential, with little downside risk. If that is indeed the case, the club struck a good deal!

[Scotty]

1 minute ago, Yngwie said:

If that is indeed the case, the club struck a good deal!

On paper perhaps... but it would be interesting to see the list of creditors. If the majority of these are local businesses providing goods or services to the events and who routinely dip their hands in their pockets to support ICT in general then they may be a lot more wary to do so again in future as the events company and the football club will be the same entity in their eyes even if the legal system doesn't see it that way. Our finances are on a knife-edge most seasons and while high-risk, high-reward is one strategy, it could yet come back and bite us on the @rse.  

Question - Have you ever felt ripped off by a company (or employer) you have provided goods, services or time to? If the answer to that is yes, then how did you feel and how did it affect your future dealings with that company? There are certain airlines and car rental companies I just will not do business with for that very reason, and certain shops I wont set foot in for the same reason. I hope that we don't have a similar sting in the tail.   

[dougiedanger]

Ah yes, the great impresarios of our time: Brian Epstein, Malcolm McLaren, Tony Wilson, and...John "Bomber" Brown.

A failed company goes into liquidation amid "separate company" claims, meanwhile honest businesses get stiffed.

Sound familiar?

 

[Yngwie]

Hopefully the biggest creditors are the artists themselves, but I suspect they required at least part of their appearance fees to be paid upfront.