Alan Savage: Inverness Caledonian Thistle won't leave administration before February

Inverness Caledonian Thistle won’t exit administration until at least February, according to club consultant Alan Savage, who may lead a consortium to take the club over.

The League One club officially appointed administrators BDO in October, with the company recently publishing details of more than 140 creditors, who are owed a total of over £3.8m combined.

BDO have also said that they have had more than 20 expressions of interest from interested buyers, with further details on the club’s position to be revealed at a media conference next week.

Former Inverness chairman Savage was asked to come in as a consultant when the club’s financial problems became apparent and he recommended that administrators were appointed. He has also made a substantial financial commitment to the club, paying off some immediate bills to help keep a team on the pitch and Inverness operate day-to-day.

The businessman spoke to Inverness podcast The Wyness Shuffle and gave his take on the current situation, saying that while a deal was likely, he couldn’t predict an end to administration in the next couple of months.

“Once you get into serious discussions, lawyers get involved,” he told the podcasters. “I think we would hope for a letter of intent to get into a period of exclusivity with a prospective purchaser and move on from there.

“I can’t see us getting out before the end of probably January, probably February, I think.”

Savage said that talks continued to be held with potential investors over details and that a lot more would be known when BDO made a report before Christmas.

“We have made a lot of progress in terms of the teaser documents going out to a lot of interesting parties,” he said.

“I’ve met a couple of people, spoken to a couple of people, introduced a couple of people.

“I think we are making progress on that front.

“I know the administrators have been discussing with specific people that have made enquiries, but we still need to clarify the situation with respect to the (stadium’s) car parks and the leases.

“The administrators will hold a press conference on Monday, December 23. I think that will be quite a pivotal point.

“I think he will tell all, everything that’s going on, and what, if any, issues there are, as he sees it.”

Savage also confirmed that he was in discussions over heading up a consortium that he saw as pursuing a “sensible” approach to spending, which would involve the club rearing its own playing talent, with looking to the loan market as well as transfers to improve the squad and standing.

“I think that we have got some people and they may form a consortium,” he said.

“In the consortium, I’ll probably lead it for a couple of years and reassure other investors that the club is going to be governed properly and, with the right balance between sensible expenditure, keeping the youth academy going, and looking at clever signings and loan players.”

Inverness were hit with a 15-point deduction by the SPFL after appointing administrators, and currently sit second bottom of the League One table, ahead of Dumbarton who were also sanctioned after becoming insolvent.