Seventy7 set to become majority shareholder at Inverness Caledonian Thistle as board accept offer

Inverness Caledonian Thistle are set to have a new majority shareholder after accepting an offer from Seventy7 Ventures.

The board of directors at the League One side confirmed that it struck a deal with the sports, entertainment and leisure group and said it was “very good news” for supporters.

A statement released on Friday also says they have confidence that the investment will secure the future of the administration threatened club.

The unanimous agreement comes after “intensive discussions” with the firm and the takeover of major shareholding and voting rights is expected to be legally completed in the coming weeks.

Panos Thomas, spokesperson for the Inverness Caley board, said: “We have received a formal offer to acquire a major shareholding and voting rights of the company and this has been unanimously accepted by the Board.”

“Ketan Makwana, the Executive Chairman of Seventy7 Ventures has been a most dynamic suitor for the club in the past few weeks and following the most recent meeting with him in Inverness when he outlined his vision and passion for what the club could become, it was clear those plans and the financial backing of Seventy7 Ventures will give ICTFC the best opportunity to flourish again.

“This is very good news for the club as we strive to establish a more sustainable business and build a team that will in the first instance, return us to the SPFL Championship.”

Ketan Makwana, executive chairman of Seventy7 Ventures, said: “We at Seventy7 are delighted to have achieved this result, we want to thank the board, chief executive and former chairman for their continuous workability and open mindedness to see our vision of the future for the football club and the community of Inverness.

“We are relishing the opportunity to drive sustainability and growth in the Club and lead them to future prosperity.”

More information is expected to be released in the coming days and weeks and again on the legal completion of the deal.