Inverness Caley Thistle administration deadline looms as fund more than £118,000 short of target

A fundraiser to save Inverness Caley Thistle from going into administration is £118,000 short of its £200,000 target with a deadline set for Wednesday.

The Scottish League One side have raised over £82,000 in a bid to avoid going into administration – two weeks after the crowdfunder went live.

Manager Duncan Ferguson said last week he is currently in charge for free, with Caley Thistle’s board looking to former directors and shareholders to come to their aid.

A £20,000 anonymous donation was made last week, while local businesses and supporters from across Scottish football have also made contributions.

An emergency meeting was held to update fans and shareholders on the club’s financial position on Monday evening.

Inverness Caley Thistle manager Duncan Ferguson revealed he is currently working for free. SNS Group

Interim chairman Panos Thomas – who revealed last week that he is stepping down from the position after two months – said around £1.6m investment will be needed to last to the end of the season, or a buyer will have to be found.

He 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 £1.7m.

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.

The club had made contact with accountants who previously dealt with financial problems at Rangers, Hearts and Dunfermline.