Inverness Caley Thistle administrators now have 'better sales pitch' following shareholder meeting

The administrators in charge of Inverness Caledonian Thistle now have a “better sales pitch” after a meeting between shareholders regarding the future of the club.

Following talks held at the Caledonian Stadium, former club chairman and current adviser Alan Mackenzie said he was optimistic that a solution can be found to secure a CVA and exit the administration process by the end of the season.

Alan Savage, Ross Morrison, David Cameron, Allan Munro and David Sutherland were also in attendance at Wednesday’s meeting as they looked to iron out the three key issues identified by BDO as currently inhibiting their bid to find a new buyer.

In a statement released following the talks, Mackenzie said they had agreed to “sensible proposals” to address the issues of loans, shares, and ownership of the land surrounding the stadium.

He said: “BDO should now have a very much better “sales pitch” for the people who have expressed interest in buying the club and, needless to say, the parties today and the staff at the club will use best endeavours to assist them in that enterprise.

“Much needs to be done in a very short space of time, but I am now very much more optimistic that this exercise, which has been necessary, albeit painful for all, can advance to an early conclusion.

“We owe it to the loyal and dedicated staff at the club and to Scott Kellacher and the team, (all of whom have done their best from their perspective) to demonstrate the same commitment and focus.

“Inevitably in a commercial deal, such as this, there will follow a period of “purdah” whilst detailed negotiations take place. Please do not treat this as stasis. Rest assured everyone is working diligently to secure the positive outcome mentioned above and as soon as is possible, a further update(s) will be issued publicly.

“Meantime, thank you all for your patience and commitment to the ICT cause.”

Earlier this week, administrators revealed that they have had no offers to buy the Highland club.

The League 1 side appointed BDO as administrators last October after admitting they could not pay their debts.

A series of cost-cutting measures, including the departure of some staff and players, took place in the hope of getting the club into a shape where a new owner could take control.

However, a deadline for offers passed two weeks ago with no formal bid made.

BDO said existing loans of around £3.5m are a concern for interested parties and they were concerned a sale might not be possible.

In a statement published on Monday, the administrators identified three barriers to a sale. In addition to the existing loans, they highlighted the fractured nature of the existing shareholding as a problem and also uncertainty about ownership of the land around the stadium.