Who owns TCS?

[CaleyD]

Thats fair enough. Good of Mr Smith to provide some clarity.

Yes, now that we know who owns the lease and the properties sitting on the land, all we need to know now is why we were led to believe that these things were being put into the hands of a charitable trust when they have in fact (since the day they were transferred) been nowhere near the Trust set up to receive them.

I have asked the question in reply to the e.mail Mr Smith sent me but have had no acknowledgement or reply as yet.

Communication from the Chief Exec? Thought you said nobody from the club listened to you, CaleyD!

Yes, and I appreciate when they do respond. It's just a shame that it feels like pulling teeth....but hopefully these things can, and will, improve as we go forward.

[Kingsmills]

The whole trust thing is shrouded in secrecy which, to my mind, is utterly unnecessary.

[caleyboy]

The whole trust thing is shrouded in secrecy which, to my mind, is utterly unnecessary.

I take it that the other 50% is owned by Tulloch?

[CaleyD]

ICT basically own 50% of a company which is not trading and has ?6000 of debt. Caledonian Thistle Properties IS NOT the trust and does not own the stadium buildings and/or the lease on the ground. It used to own Grant Street but sold it to the Common Good Fund a few years back.

[CaleyD]

Been doing a little more digging to establish the fact that we were led to believe that the stadium was being transferred to a Charitable Trust and I didn't have to look far. There's two articles on the official website which come under "Club History" which clearly state what I've been saying.

The first can be found at - http://www.ictfc.premiumtv.co.uk/page/Club...~892997,00.html

Where it says........

The AGM of the PLC on Friday 25 August saw the unveiling of the Board's revival plan "The Road To Premier League Football". This envisaged the setting up of a Charitable Trust to take ownership of the Stadium and shoulder the debt of ?1.9m. The Football Club would lease the Stadium back, raise cash for football purposes and move on free of debt. Arrangements were put in place and the plan eventually voted through by shareholders on 1 March.

And also on - http://www.ictfc.premiumtv.co.uk/page/Club...~892999,00.html

Where it says........

...the transfer of Caledonian Stadium to a Charitable Trust was completed - the debt of ?2.6 m was wiped out as a result.

Their is also an article on the Scotsman site at - http://sport.scotsman.com/sport/SPL-extend...sors.2256483.jp - Which reads......

Inverness Caledonian Thistle will start the new season debt free, after transferring Caledonian Stadium to a new charitable trust, freeing it from interest rate payments of ?250,000 a month. It means all income from the football operation can now be devoted to the team.

And one final link - http://news.bbc.co.uk/sport1/low/football/..._ct/1077686.stm - the BBC archives which also state that it was the Trust which would be taking ownership of the stadium.

We reported on it at the time and from memory the discussion on the forum centred around the fact that although not ideal to be selling the family silver, because it was going into a Charitable Trust then it was the best we could hope for under the circumstances.

To now discover that in reality the property and lease ended up in the hands of a company which had/has the power to do as they please with it, and that any gains would not would not necessarily benefit either the club or a Trust which was to be set up to serve the interests of the footballing community leaves a bad taste in the mouth.

All this, IMO, adds up to a very clear picture of us having the wool pulled over our eyes, and whilst the situation may never change, I do think we deserve some form of explanation as to why we were mislead. I can't help but feel that the whole "Charitable Trust" thing was nothing but a smokescreen to divert attention from what was really going on, as opposed to a change of plan for the benefit of anyone other than one person.

[caleyboy]

Been doing a little more digging to establish the fact that we were led to believe that the stadium was being transferred to a Charitable Trust and I didn't have to look far. There's two articles on the official website which come under "Club History" which clearly state what I've been saying.

The first can be found at - http://www.ictfc.premiumtv.co.uk/page/Club...~892997,00.html

Where it says........

The AGM of the PLC on Friday 25 August saw the unveiling of the Board's revival plan "The Road To Premier League Football". This envisaged the setting up of a Charitable Trust to take ownership of the Stadium and shoulder the debt of ?1.9m. The Football Club would lease the Stadium back, raise cash for football purposes and move on free of debt. Arrangements were put in place and the plan eventually voted through by shareholders on 1 March.

And also on - http://www.ictfc.premiumtv.co.uk/page/Club...~892999,00.html

Where it says........

...the transfer of Caledonian Stadium to a Charitable Trust was completed - the debt of ?2.6 m was wiped out as a result.

Their is also an article on the Scotsman site at - http://sport.scotsman.com/sport/SPL-extend...sors.2256483.jp - Which reads......

Inverness Caledonian Thistle will start the new season debt free, after transferring Caledonian Stadium to a new charitable trust, freeing it from interest rate payments of ?250,000 a month. It means all income from the football operation can now be devoted to the team.

And one final link - http://news.bbc.co.uk/sport1/low/football/..._ct/1077686.stm - the BBC archives which also state that it was the Trust which would be taking ownership of the stadium.

We reported on it at the time and from memory the discussion on the forum centred around the fact that although not ideal to be selling the family silver, because it was going into a Charitable Trust then it was the best we could hope for under the circumstances.

To now discover that in reality the property and lease ended up in the hands of a company which had/has the power to do as they please with it, and that any gains would not would not necessarily benefit either the club or a Trust which was to be set up to serve the interests of the footballing community leaves a bad taste in the mouth.

All this, IMO, adds up to a very clear picture of us having the wool pulled over our eyes, and whilst the situation may never change, I do think we deserve some form of explanation as to why we were mislead. I can't help but feel that the whole "Charitable Trust" thing was nothing but a smokescreen to divert attention from what was really going on, as opposed to a change of plan for the benefit of anyone other than one person.

Well done Caley D - good digging and proud of you for speaking up.

The only thing I could add is the fact that no matter what, our dear saviour was always only interested in one thing - the good of football in the town!

[Charles Bannerman]

To now discover that in reality the property and lease ended up in the hands of a company which had/has the power to do as they please with it, and that any gains would not would not necessarily benefit either the club or a Trust which was to be set up to serve the interests of the footballing community leaves a bad taste in the mouth.

A couple of questions. Firstly, have you been able to establish who the directors of the company concerned are? Secondly, do a) This company or b ) The Trust or c) Both or d) Neither enjoy limited liability status?

Edited September 18, 2008 by Charles Bannerman