Admin by Oct 16th - It's here now!

[CELTIC1CALEY3]

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?

[Ronaldo]

I think we better get DI Ruth Calder on to this straight away.

[caley100]

Sir James Ratcliffe's private jet arrived in Inverness.

Just wondering....

[IBM]

1 hour ago, caley100 said:

Sir James Ratcliffe's private jet arrived in Inverness.

Just wondering....

He’s likely up for a round of golf at Castle Stuart

[caley100]

29 minutes ago, IBM said:

He’s likely up for a round of golf at Castle Stuart

Best of luck with that...it's shut  

[bishbashbosh]

4 hours ago, IBM said:

He’s likely up for a round of golf at Castle Stuart

Do you mean Cabot Highland.?

[IBM]

1 hour ago, bishbashbosh said:

Do you mean Cabot Highland.?

Could be I am not a golfer 

[Council Juice]

Is there any new news? Last I saw we had an abundance of potential suitors according to the administrators and it went quiet since. 

[+Moogthurso]

I think the process is being worked through in a very professional and systematic manner and importantly the staff feel supported and trusted to get on with tasks supporting the administration team. 

Having talked to one if the admin team  at length when he sat with me for a game. I trust the team even if am wary of the process and potential outcomes.

[Kind of Blue]

The Sun is reporting (so it must be true) that Dumbarton are set to go into Administration tomorrow. 

[IBM]

2 minutes ago, Kind of Blue said:

The Sun is reporting (so it must be true) that Dumbarton are set to go into Administration tomorrow. 

If that happens we will be four points ahead of them in the league.

[robbylad]

2 minutes ago, Kind of Blue said:

The Sun is reporting (so it must be true) that Dumbarton are set to go into Administration tomorrow. 

If true, its a terrible shame for them. On the other hand, a major lifeline for us.

[Robert]

You don’t like to see it happen to any team but, if true, it makes our task a bit easier. 

[ICTPaisley]

We’re saved

[Charles Bannerman]

47 minutes ago, Robert said:

You don’t like to see it happen to any team but, if true, it makes our task a bit easier. 

I think you are being too fair minded, Robert. Administration is a consequence of overspending and incompetent governance, as we discovered at Caley Thistle. If Dumbarton have also been sailing too close to the wind then the whole of Scottish football is aware what the consequences are.

But my goodness, if this comes to pass then it’s a game changer for Caley Thistle and it will take them four points off the bottom at a stroke. Across the last couple of weeks there’s been growing optimism that ICT could catch one team and get into the playoffs, but now the distinct possibility emerges of avoiding relegation by right, although absolutely nothing can and must be taken for granted.

[Robert]

5 minutes ago, Charles Bannerman said:

I think you are being too fair minded, Robert. Administration is a consequence of overspending and incompetent governance, as we discovered at Caley Thistle. If Dumbarton have also been sailing too close to the wind then the whole of Scottish football is aware what the consequences are.

But my goodness, if this comes to pass then it’s a game changer for Caley Thistle and it will take them four points off the bottom at a stroke. Across the last couple of weeks there’s been growing optimism that ICT could catch one team and get into the playoffs, but now the distinct possibility emerges of avoiding relegation by right, although absolutely nothing can and must be taken for granted.

I must admit I was thinking of their fans rather than the circumstances that appear to have led to this.

[bishbashbosh]

P&J on it now also

[Scotty]

The threads on this forum show how we all felt when we were clinging on to the hope we would not go into administration so I can take no pleasure in hearing this. Hopefully, if this is true, they can also try to get their club facing the right way again too. 

I think we have seen over the last couple of weeks at ICT that the players have responded to the situation and to the new coaching regime in a positive manner, and I have felt enthused that we would actually not only go on to avoid the automatic drop but could also pull ourselves clear of the playoffs in spite of the 15 point penalty.  

 

[+snorbens_caleyman]

1 hour ago, ICTPaisley said:

We’re saved

Not until a way is found for the club to continue beyond administration.

And if more teams go into administration - I was told in the summer that a number of teams were on the brink - then it might not do us any good.  It would give potential buyers more choice.

[ictchris]

All we need now is for the other eight teams to follow them and we're back in the game!

[big cherly]

‘’And if more teams go into administration’

In some respects more cases of small, (I use the term respectfully) clubs running close to the wind financially doesn’t surprise me. Many of the lower league teams have been scrapping by on lower and dwindling incomes and fans for years ( some like Dumbarton for decades). There’s many factors involved but maybe the effect of Covid has had a telling impact on recovery of gate money. 
The powers at Scottish Football has kept many of these clubs operating for years, but this is unsustainable and now the time has come to ask whether a reassessment of what clubs can realistically operate on a level that is more than just surviving. 
The argument for retaining four divisions in Scotland’s senior game has imo run its course. I would argue ICTFC have, can and should be one of Scotlands top 20 clubs if run properly. The emotional and historic case for a lot of the div 3 and 4 should be reviewed. Put simply we have too many small clubs that should be allowed to drop into the regional leagues.

Edited November 19, 2024 by big cherly

[Charles Bannerman]

1 hour ago, big cherly said:

‘’And if more teams go into administration’

In some respects more cases of small, (I use the term respectfully) clubs running close to the wind financially doesn’t surprise me. Many of the lower league teams have been scrapping by on lower and dwindling incomes and fans for years ( some like Dumbarton for decades). There’s many factors involved but maybe the effect of Covid has had a telling impact on recovery of gate money. 
The powers at Scottish Football has kept many of these clubs operating for years, but this is unsustainable and now the time has come to ask whether a reassessment of what clubs can realistically operate on a level that is more than just surviving. 
The argument for retaining four divisions in Scotland’s senior game has imo run its course. I would argue ICTFC have, can and should be one of Scotlands top 20 clubs if run properly. The emotional and historic case for a lot of the div 3 and 4 should be reviewed. Put simply we have too many small clubs that should be allowed to drop into the regional leagues.

One major root cause is football’s persistence with paying players at levels well above the income they are capable of generating for the club. That creates disasters waiting to happen.

[IBM]

It has happened Dumbarton FC are in administration. 

[buckett]

2 hours ago, big cherly said:

I would argue ICTFC have, can and should be one of Scotlands top 20 clubs if run properly. 

I would agree that Inverness is a large enough town to sustain a top 20 club. Unfortunately the local support is divided between ICTFC and that team based in Dingwall, and the existence of each of these clubs is detrimental to the top-flight aspirations of the other.

Put simply, County's top flight sustainability would be much less precarious If ICTFC did not exist, as was ours before they joined us in the SPL.

[STFU]

Sounds like they have been a 'victim' of directors selling assets to themselves/connected parties and then not paying up.  Sounds a little familiar.