Inverness safe from administration after 'amicable deal' struck with creditors

Inverness Caledonian Thistle has been saved from administration after a deal was agreed with creditors.

The League One side had revealed serious financial troubles that had sparked fears that the club was no longer viable. Former chairman Alan Savage returned to the Caledonian Stadium to examine the club’s position.

One of his first acts was to reveal that a proposed deal with Seventy7 Ventures would not go ahead.

Savage revealed on Tuesday that the planned takeover had been neither a credible nor real option, and then detailed the state of the club’s finances.

While some loans had already been converted to equity, Savage said that the draft accounts showed a £1.7m loss, as well as a quantum debt of £620,000.

He explained that another £400,000 was likely to be needed by the end of the season and that holders of loans totalling £220,000 wanted repayment.

While the club plan cost-cutting measures, it will take time for the effect of any savings to be seen.

Hours after Savage’s media conference, the club announced that a deal has been agreed to see of the threat of administration.

A club statement read: “An amicable deal has been struck that saves the club from administration. All stakeholders should be delighted.

“Alan Savage says it’s a great result and hopefully we get another one on Saturday.

“Interim Chairman Panos Thomas has also expressed his delight and is hoping too for a good result on Saturday. “