Investment

[RednBlackComeback]

A lucky escape!

To read that Gardiner thought it to be an 'incredibly strong and positive proposal' just confirms his incompetence! How he was allowed to carry on running the club for 5 years is absolutely staggering!  

It is such a relief to see the back of him!

[ClickbaitProponent]

28 minutes ago, RednBlackComeback said:

A lucky escape!

To read that Gardiner thought it to be an 'incredibly strong and positive proposal' just confirms his incompetence! How he was allowed to carry on running the club for 5 years is absolutely staggering!  

It is such a relief to see the back of him!

I was questioning his position after 12 months of him in post. There really wasn't a business model for him being there, and along with his shocking track record, and reputation as a bit of a tyrant, I really wasn't surprised at the mess he has left. He was desperately trying to stay on even after resigning because he knew he was going to get found out. His career is in tatters now, his reputation in the gutter, and rightly so.

[RiG]

The P & J piece is interesting but it's not much of a surprise really. A lot of that stuff was uncovered by fans within a couple of hours of this LinkedIn clown appearing from nowhere. Still, it shows what a shambles Gardiner has made of things that he was wowed by such an obvious fraud. Speaks volumes of his tenure at the club and, as mentioned in another post, leaves what's left of his reputation in ruins.

[CELTIC1CALEY3]

SG still to update his LinkedIn page to confirm he is no longer associated with ICT FC. 

[+snorbens_caleyman]

1 hour ago, RednBlackComeback said:

To read that Gardiner thought it to be an 'incredibly strong and positive proposal' just confirms his incompetence! How he was allowed to carry on running the club for 5 years is absolutely staggering! 

It's not just Gardiner.  It cannot be repeated often enough that, if they intend to stay on, them the Board has very serious questions to answer about how they let Gardiner run the club as his private fiefdom, and especially also how they were taken in by Makwana.

These questions cannot be ignored.  The ideal place to ask them would be at the overdue AGM - or at an EGM if one is required if there is a takeover.

This would be a chance for the Board to explain themselves and clear the air, or say "mea culpa" and stand down.  Until that happens, the stink of incompetence will remain.

[Yngwie]

I’m pretty sure the Board and even SG had concerns about Makwana, they aren’t actually stupid and I’m sure they all know how to use Google as much as the rest of us and would have seen the same red flags.

The trouble is, what other options did they have at the time? It seems that at the time Seventy7 was either the most credible option on the table or the only show in town. If the choice was to pursue it or to go bust when the money ran out this month, they had a statutory duty to pursue it and hope that it came good. And who knows, maybe it would have done - latest Wyness Shuffle mentions a source outwith the club who suggested that Makanwa did actually have access to resources and was serious, but I still have my doubts.

Bear in mind that our major shareholders and wealthy local businessmen, as well as the wider football investment community, all knew since May that we were on the very brink of administration, and every single one of them declined to step in and save the club. The club was in a desperate situation and the Board must have felt in a ‘beggars can’t be choosers’ situation in the absence of any offers better than Makanwa’s. The real issue is how we came to be in such a weak and desperate position in the first place.

[big cherly]

3 hours ago, snorbens_caleyman said:

It's not just Gardiner.  It cannot be repeated often enough that, if they intend to stay on, them the Board has very serious questions to answer about how they let Gardiner run the club as his private fiefdom, and especially also how they were taken in by Makwana.

These questions cannot be ignored.  The ideal place to ask them would be at the overdue AGM - or at an EGM if one is required if there is a takeover.

This would be a chance for the Board to explain themselves and clear the air, or say "mea culpa" and stand down.  Until that happens, the stink of incompetence will remain.

Especially good old Panos. The ‘renown’ orthopaedic sports and knee surgeon specialist that told Aaron Doran to ‘beat-it’ as the club reneged on a promise to honour delayed surgery to his knee. It says everything you need to know about this persons integrity and moral ethics going forward. Just the kind of guy that you can trust to look after the clubs future interest. 

Insert ‘his own’ in the last sentence where appropriate! 

He may be part of the ‘deals’ to accept as the club finances are re-set and I’ll accept that. But as one of the many fans that donated to let Aaron have the required surgery, P Thomas will always be a stain on the club in my opinion. 
 

Edited August 23, 2024 by big cherly

[Scotty]

5 hours ago, RednBlackComeback said:

A lucky escape!

To read that Gardiner thought it to be an 'incredibly strong and positive proposal' just confirms his incompetence! How he was allowed to carry on running the club for 5 years is absolutely staggering!  It is such a relief to see the back of him!

4 hours ago, ClickbaitProponent said:

I was questioning his position after 12 months of him in post. There really wasn't a business model for him being there, and along with his shocking track record, and reputation as a bit of a tyrant, I really wasn't surprised at the mess he has left. He was desperately trying to stay on even after resigning because he knew he was going to get found out. His career is in tatters now, his reputation in the gutter, and rightly so.

I gave him a little longer, but it was still in 2019 so not long after he started. The club asked the fans for fundraising ideas or leads to people interested in investing. I made a speculative cast over this side of the pond and actually got a bite I didn't expect. I lined up things, got the contact info together, provided names and phone numbers to the chairman who said he would pass this to the CEO, and stepped back to let the business folks on either side do their thing. After COVID it emerged that no-one had contacted the executive on this side of the pond even for a simple conversation. It may have come to nothing, after that conversation, or it could have been the beginning of a beautiful relationship, but we will never know as it never took place. Why bother asking for ideas and leads if you are not going to follow up on them. I actually spoke to the executive after COVID and he expressed surprise at not getting a phone call. That was one of my first red flags.

Another was comments reaching me about his management "style" from various people. These were both fans and (former) staff members. That kind of style is never effective in any business and more importantly not part of the ICT ethos.       

 

3 hours ago, snorbens_caleyman said:

It's not just Gardiner.  It cannot be repeated often enough that, if they intend to stay on, them the Board has very serious questions to answer about how they let Gardiner run the club as his private fiefdom, and especially also how they were taken in by Makwana. These questions cannot be ignored.  The ideal place to ask them would be at the overdue AGM - or at an EGM if one is required if there is a takeover. This would be a chance for the Board to explain themselves and clear the air, or say "mea culpa" and stand down.  Until that happens, the stink of incompetence will remain.

Absolutely. Some of the board members may think things will smooth over, and perhaps they will as ICT fans are, for the most part, pretty docile and understanding... BUT, they let this guy run the club, largely unchecked for 5 years and that demands accountability.

Clearly no-one looked deeply into the books as AS discovered all sorts of issues within 24 hours, or if they did they chose to let it slide which is incompetence of the highest order, or even bordering on criminal.

There is also the unforgiveable nature of how club legends have been treated over the last few years, not just this summer and that is not (entirely) down to the former CEO. You can look at Shane Sutherland as a pre-cursor to the same treatment handed out to Aaron. You read Aaron's own comments about a man who is reputedly a renowned surgeon, you look at the players who should have had testimonials and have not, you look at the fact that after relegation in May not one of these people took the bull by the horns and actually talked to players about their futures. FFS we have a club that got relegated and facing financial turmoil and you cant have the decency to discuss that with loyal employees?  We can lay the blame for part of this at Duncan Ferguson who should not have f***ed off on holidays leaving players standing on the side saying "WTF?" but the board are also culpable in a large way. They are happy to receive the plaudits when things go right and sitting in the posh chairs at Hampden, equally they should be strong enough to take fierce criticism over this cluster***

 

3 hours ago, Yngwie said:

I’m pretty sure the Board and even SG had concerns about Makwana, they aren’t actually stupid and I’m sure they all know how to use Google as much as the rest of us and would have seen the same red flags.

It is their job to block this if they see red flags, not to embrace it and then try to justify it over a period of weeks where media and fans perform the due diligence and find out in 5 minutes why this is the worst idea in the world. 

3 hours ago, Yngwie said:

The trouble is, what other options did they have at the time? It seems that at the time Seventy7 was either the most credible option on the table or the only show in town. If the choice was to pursue it or to go bust when the money ran out this month, they had a statutory duty to pursue it and hope that it came good. And who knows, maybe it would have done - latest Wyness Shuffle mentions a source outwith the club who suggested that Makanwa did actually have access to resources and was serious, but I still have my doubts.

Bear in mind that our major shareholders and wealthy local businessmen, as well as the wider football investment community, all knew since May that we were on the very brink of administration, and every single one of them declined to step in and save the club. The club was in a desperate situation and the Board must have felt in a ‘beggars can’t be choosers’ situation in the absence of any offers better than Makanwa’s. The real issue is how we came to be in such a weak and desperate position in the first place.

Because there has been zero governance over the last 5 years (in fact, since around 2017).

 

 

[+snorbens_caleyman]

1 hour ago, big cherly said:

Especially good old Panos. The ‘renown’ orthopaedic sports and knee surgeon specialist that told Aaron Doran to ‘beat-it’ as the club reneged on a promise to honour delayed surgery to his knee. It says everything you need to know about this persons integrity and moral ethics going forward.

Not to mention his disregard of the Hippocratic Oath, which he should have taken and been guided by throughout his career.

[tm4tj]

Inverness Courier article EXCLUSIVE: Alan Savage ready to go it alone as leading Caley Thistle investor - if £3 million debt deal is sealed...

But Mr Savage sought to temper the expectations of supporters by warning that, if given stewardship, he would take Caley Thistle forward “on a realistic basis”, as a Championship level operation with aspirations to return to the Premiership.

“The bottom line is I’m trying to put the club on an even keel.

“I’ve got it under control, but it is never the done deal until the actual legal agreements are signed (with those owed loan amounts).

“The bottom line is I’m trying to put the club on an even keel.

“I’ve got it under control, but it is never the done deal until the actual legal agreements are signed (with those owed loan amounts).

“Until I do, I’m not going to speak to any prospective buyer.

“We don’t need to rush into that because I can run that football club, with local business support, and with my own cash.

“Let me steady the ship and tell all the stakeholders what’s going on.”

Mr Savage said there was an estimated £6-700,000 of club debt to tackle, but added: “I can cover that.”

“I’m trying to go about this in a sensible and pragmatic way that reflects the football club, in balance with the city of Inverness.

“Then we can go from a position of strength to say if you want to buy the football club, what are you going to do with it? How do you see it going?

[Scotty]

16 minutes ago, tm4tj said:

Inverness Courier article EXCLUSIVE: Alan Savage ready to go it alone as leading Caley Thistle investor - if £3 million debt deal is sealed...

But Mr Savage sought to temper the expectations of supporters by warning that, if given stewardship, he would take Caley Thistle forward “on a realistic basis”, as a Championship level operation with aspirations to return to the Premiership.

“The bottom line is I’m trying to put the club on an even keel.

“I’ve got it under control, but it is never the done deal until the actual legal agreements are signed (with those owed loan amounts).

“The bottom line is I’m trying to put the club on an even keel.

“I’ve got it under control, but it is never the done deal until the actual legal agreements are signed (with those owed loan amounts).

“Until I do, I’m not going to speak to any prospective buyer.

“We don’t need to rush into that because I can run that football club, with local business support, and with my own cash.

“Let me steady the ship and tell all the stakeholders what’s going on.”

Mr Savage said there was an estimated £6-700,000 of club debt to tackle, but added: “I can cover that.”

“I’m trying to go about this in a sensible and pragmatic way that reflects the football club, in balance with the city of Inverness.

“Then we can go from a position of strength to say if you want to buy the football club, what are you going to do with it? How do you see it going?

 

All sounds very sensible. Alan Salvage™ still a breath of fresh air.

The comment that "he would take Caley Thistle forward “on a realistic basis”, as a Championship level operation with aspirations to return to the Premiership." is EXACTLY what it should be. We can have aspirations to return to the Premiership, but first we should be a fiscally responsible championship club. If we reach the Premiership as we did before, then great, otherwise I will take boring fiscal responsibility over the cluster**** of emotions we have endured over the last few years.  

[Charles Bannerman]

23 minutes ago, tm4tj said:

Inverness Courier article EXCLUSIVE: Alan Savage ready to go it alone as leading Caley Thistle investor - if £3 million debt deal is sealed...

But Mr Savage sought to temper the expectations of supporters by warning that, if given stewardship, he would take Caley Thistle forward “on a realistic basis”, as a Championship level operation with aspirations to return to the Premiership.

“The bottom line is I’m trying to put the club on an even keel.

“I’ve got it under control, but it is never the done deal until the actual legal agreements are signed (with those owed loan amounts).

“The bottom line is I’m trying to put the club on an even keel.

“I’ve got it under control, but it is never the done deal until the actual legal agreements are signed (with those owed loan amounts).

“Until I do, I’m not going to speak to any prospective buyer.

“We don’t need to rush into that because I can run that football club, with local business support, and with my own cash.

“Let me steady the ship and tell all the stakeholders what’s going on.”

Mr Savage said there was an estimated £6-700,000 of club debt to tackle, but added: “I can cover that.”

“I’m trying to go about this in a sensible and pragmatic way that reflects the football club, in balance with the city of Inverness.

“Then we can go from a position of strength to say if you want to buy the football club, what are you going to do with it? How do you see it going?

This is pure conjecture but… if creditors supporting the £3M “relief” were substantially to opt for shares rather than a complete write off and if Alan Savage were then able to acquire enough of these shares at a reduced price then, since he already has almost half a million shares, he might be in a position to get 50% control maybe for a (big ballpark) £2 million…. while Morrison et al at least get something back.

[Satan]

7 minutes ago, Charles Bannerman said:

This is pure conjecture but… if creditors supporting the £3M “relief” were substantially to opt for shares rather than a complete write off and if Alan Savage were then able to acquire enough of these shares at a reduced price then, since he already has almost half a million shares, he might be in a position to get 50% control maybe for a (big ballpark) £2 million…. while Morrison et al at least get something back.

Two 'ifs' one 'might' and one 'maybe'

Conjecture you say...

[Charles Bannerman]

9 hours ago, Satan said:

Two 'ifs' one 'might' and one 'maybe'

Conjecture you say...

I am simply highlighting a relatively cost effective manner in which Alan Savage could gain a majority stake, if that is what he is seeking.

[caley100]

Press conf. At stadium today?  Wonder what it's about?

[STFU]

I am slightly concerned that the agreement on the loans hasn't been legally signed off and hopeful that's what the above mentioned press conference is to confirm.

Will Morrison want to give up his loans and the attached securities if there's a chance someone else is going to come in and profit from developing land around the stadium?

Everything crossed.

[RiG]

https://archive.is/Q4XNe

Another pretty bleak financial picture.

[Scotty]

As concerning as the article is, it is refreshing that AS is not sugar coating it, as well as calling out those he deems responsible (or should have been) during the tenure of our former CEO. Thank You. 

Talking of crowdfunding... just a reminder that our player sponsorship initiative is still open. We have secured enough to sponsor one player's main shirt and would like to get to a second (and more) if possible. 

[+snorbens_caleyman]

"Mr Savage indicated he felt there was a strong case for David Cameron, Ross Morrison and Allan Munro to [contribute around £600,000], given their presence on the board during the troubles encountered amid Scot Gardiner’s controversial five-year term as Caley Thistle CEO."

Presumably he doesn't think he'll get a plugged nickel out of Graham Rae - the man who appointed Gardiner - and his mates?

Last time I looked, it seemed that Rae has the largest individual shareholding in his own name of any individual.  (Savage's are under Orion Group.)

[CELTIC1CALEY3]

As a reminder, Rae appointed Gardiner.

[Scotty]

8 minutes ago, CELTIC1CALEY3 said:

As a reminder, Rae appointed Gardiner.

That is where the rot started ... in 2017 not 2019. It just gained pace in 2019.

[Row S]

Still have a major task to get things back on a better footing, but at least AS is leaving no stone unturned.

Re the development potential of land around the stadium: 

"Mr Cameron and Mr Morrison now own the lease on a potentially lucrative seven acres of land surrounding the stadium."

The final/ adopted version of the Inner Moray Firth Local Development Plan does allocate the land (including the car/coach parks) for a mix of uses but is heavily caveated with various requirements, which will be a significant cost to developers to address. This includes redevelopment of the site not resulting in a net decrease in parking provision (for the stadium), any compensatory parking provision being located in close proximity to the stadium, be easily accessible and have high quality active travel connections to the stadium. Not an easy task in its own right.  

[IcyT]

There's been so much mention of the land around the stadium, and who owned it and sold it, etc.  Did the club sell it to directors?  Was a fair price paid?  One would imagine there was a conflict of interest, in which case how was that resolved?  And perhaps it was a "substantial property transaction" - 10% of the Company's assets or worth £100,000 (surely?!), in which case shareholder approval would have been required - Companies Act, section 190.  Was that obtained?  If not, the transaction would be voidable at the instance of the Company.

[ClickbaitProponent]

OOOfffffff Kudos to AS. Get them to sign over the loans and then screw them into the floor in order to compensate for their mismanagement of Gardiner. I have to take my hat off to AS ... he is conducting an absolute business recovery masterclass!

[Scotty]

37 minutes ago, IcyT said:

There's been so much mention of the land around the stadium, and who owned it and sold it, etc. 

The club can't sell it, it's not theirs to sell. We initiated a 99-year lease of the land when we built the stadium so likely 69-70 years left on the lease, but ultimately it is owned by the council who have rules and regulations about what can and cannot happen with it. I don't know the ins and outs, or the law, but I assume the lease could be transferred to someone else and this is what has been done to secure the loans given to the club by the directors who now "own" the lease. 

This is similar to what David Sutherland did. He (or Tulloch) built and "owned" the stands that were sitting on the leased land but gifted them back to the club later. I suspect that Tulloch had them on their balance sheet as fixed assets for a period of time and depreciated a percentage each year until they were basically worth nothing to them on paper.

Hopefully the leaseholders can be persuaded to do something similar or take a reduced fee if they insist on getting some of their money back. 

 

One thing for sure, AS is doing something that should have been done years ago, and personally I like him telling it like it is, good or bad, and holding people accountable regardless of whether those people might get pissed off and sue him as he mentioned when talking about our former CEO.