Inverness administrators ‘confident that a successful outcome is achievable’

A meeting to determine the fate of Inverness has been postponed by two weeks but administrators are confident of a positive outcome.

Creditors will now vote on a Company Voluntary Arrangement (CVA) on June 5 amid a delay to ensure conditions are fulfilled.

Former Caley Thistle chairman Alan Savage was named as the preferred bidder last month after his funding kept the club going this season and helped them avoid relegation to William Hill League Two.

The bid was subject to 100 per cent of the voting shares being transferred to his purchasing vehicle, all loan creditors being written off and an agreement to purchase land around the stadium.

A statement from administrators BDO read: “Huge progress had been made in respect of the conditions. The joint administrators are delighted with the responses and confident in proposing a CVA that can be approved.

“It is vital that the joint administrators can present a clear proposal to creditors.

“In particular, the purchase of the lease in respect of the land surrounding the stadium, which involves a splitting of the lease, requires a legal agreement involving the club, current leaseholders and Highland Council as head Landlord. All parties are fully engaged and the joint administrators thank Highland Council for their swift and pragmatic approach to this.

“As a result, and to ensure a proposal is presented to the creditors without unfulfilled conditions, the CVA meeting will now be held on 5 June. The relevant documents have been sent to creditors.

“The joint administrators would stress that they are confident that a successful outcome is achievable.”

A spokesperson for BDO added: “We would also like take this opportunity to thank the shareholders that have returned their forms agreeing to cede.

“The response has been remarkable and often accompanied with messages of support for Savage and the club.

“We would encourage every shareholder that has not responded to do so and assist in the final push to exit administration.”