Duncan Ferguson admits he's managing Inverness Caley Thistle for free

Inverness Caley Thistle manager Duncan Ferguson has admitted he is managing the club without getting paid as it struggles with financial issues.

The former striker admitted he is working for free at the helm of the Highland club who set up a fundraiser in the hope of raising £200,000 in the next two weeks to avoid insolvency.

The Scottish League One side had made contact with accountants who previously dealt with financial problems at Rangers, Hearts and Dunfermline, as the business was on the brink of administration.

Interim chairman Panos Thomas said that an urgent injection of funds is needed to save the club from having to appoint administrators.

Manager Ferguson admitted he’s currently in charge without receiving a wage from the club.

He said: “Obviously, I can’t go without a wage forever and ever because I need to put food on the table myself.

“But at the moment, I think needs must. So, I’m making sacrifices.

“Just think it’s the right thing for me to do personally. It’s a personal choice. It’s not easy is it? It’s not easy for the club.

“But there you go. I’ve made the decision and hopefully it can help.”

In addition to the Save ICT crowdfunding appeal, the club appealed for fundraising ideas and is looking to former directors and shareholders to come to their aid.

Over the longer term, Thomas says around £1.6m investment will be needed to last to the end of the season, or a buyer will have to be found.

The interim chairman explained in a letter to fans that the last accounts for the club, for the 2022/23 season, showed a loss of nearly £600,000, while the figures for last season, which ended in relegation are expected to show a loss of around £1.2m.

A similar loss is predicted for the current season, though that figure could be even higher when expenditure “incurred in restructuring the club as a first division business” is accounted for.