Crisis-hit Inverness CT are on the verge of going into administration.
Despite the efforts of former chairman Alan Savage in trying to find a new buyer, the League One club’s inability to secure investment from elsewhere now appears to have sealed their fate. Savage had forked out £200,000 of his own wealth to keep the club afloat in August, but the Highlands side are se to lose £1.2million this season.
They also add that leading football administrator Bryan Jackson – who is part of the accountancy firm BDO that oversaw the liquidation of Rangers in 2012 – has put Caley Thistle onto the BDO. The company were also the administrators for fellow SPFL clubs Hearts and Dunfermline at the height of their financial troubles.
Going into administration will have a severe impact on Duncan Ferguson‘s struggling side, who have collected just nine points from their first eight matches in League One. Not only will the club be forced into making redundancies in the playing, coaching and general staff, but they could also be hit with a 15-point deduction by the league’s governing body, which would likely end their hopes of securing an immediate return to the second tier.
Former chairman Ross Morrison and ex chief executive Scot Gardiner – who is now suing the club – had devised a controversial plan to move Caley’s day-to-day training base to Kelty Hearts’ ground in Fife, only for the project to be aborted due to a negative backlash from fans. Ketan Makwana of Seventy7 Ventures was initially selected as the frontrunner to buy the club but was unable to come up with the funds.
Inverness spent seven successful seasons in the Premiership between 2010 and 2017, famously lifting the Scottish Cup and securing a third-place finish in 2015. However, Caley were relegated to the Championship in 2017 before falling into the third tier last season after suffering a play-off final defeat to Hamilton Accies.
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