SPFL club admit they’re at risk of INSOLVENCY if unable to find new owner or investment

SPFL club Inverness Caledonian Thistle admit they’re at risk of INSOLVENCY if unable to find new owner or investment.

They face significant challenges, not helped by relegation from the Scottish Championship last season, adding to the club woes.

Inverness had a terrible start to the 2023–24 Scottish Championship season, losing five of their opening six games of the season, with Billy Dodds getting sacked.

Dodds was replaced with former Everton coach and Forest Green Rovers manager Duncan Ferguson and while form slightly improved, with a January squad overhaul the club continued fighting to stay up.

But they ended up finishing the season in 9th place in the Scottish Championship, entering the relegation play offs.

After a 1-0 win against Montrose on aggregate in the semi-finals, Inverness lost 5–3 on aggregate to Hamilton Academical in the final, meaning Inverness were relegated to Scottish League One, the first time the club has played in the third tier since 1999.

Following relegation, the club announced it was remaining full time, in addition to a highly controversial move of training facilities 135-miles south to Kelty Hearts’ New Central Park.

But after facing widespread anger including that of the local community, they have since decided to abandon their controversial move and instead returning to their Fort George training base.

Despite this positive development of abandoning plans moving to Kelty, Inverness still have serious financial concerns to deal with and have prompted the club’s chiefs to seek the assistance of an ‘insolvency practitioner’ as a precaution.

Board of Directors Statement

The Board of Directors are in discussions with potential new investors into the club and remain hopeful of finding a new investor or new owners.

However, in the circumstances we currently find ourselves in following the loss of the Statkraft… pic.twitter.com/qI34ArymAe

— Inverness Caledonian Thistle FC (@ICTFC) June 5, 2024

Board of Directors Statement

The Board of Directors are in discussions with potential new investors into the club and remain hopeful of finding a new investor or new owners.

However, in the circumstances we currently find ourselves in following the loss of the Statkraft contract at Caledonian Stadium which was worth 7 figures to the club and given the new financial position of the club, it is also prudent to approach a suitably qualified insolvency practitioner to advise on how we may proceed should our efforts to find new investment fall short.

For clarity, on the football front, we have decided to remain training at Fort George for the foreseeable future.

– STATEMENT ENDS –

The unexpected decision to relocate the training base 135 miles south to Fife shocked to the local community, who had strongly opposed the proposal.

Footballer Ryan Christie, the hero of the Scottish Cup victory in 2015, was among the many who expressed their worries about the potential loss of identity for the club.

Chairman Ross Morrison has resigned having fully backed the Kelty move, saying: “I believe it is the best way forward and I have to stick with my beliefs. This is the reason I’m stepping down now.”

Speaking to The Inverness Courier, Morrison said he is leaving now because of the aftermath of the Fife move.

“I believe it [the move to Fife] is the best way forward and I have to stick with my beliefs. This is the reason I’m stepping down now.”

Earlier in 2024, it was reported that the cash-strapped club were set to build an energy storage scheme, and bring in income from some of the profits the site makes, a boost of potential £3.8m.

But then Highland Council chiefs refused permission for the energy scheme amid a bitter row with Inverness boss Duncan Ferguson also slamming council chiefs.

Boss Ferguson said: “The club got their vote through 3-2 in favour.

“But it looks like Highland Council didn’t quite like that.

“It looks like they want to replay the game, so to speak. Or keep playing until they get the scoreline they want.

“They had their vote, it went through the proper processes and now one or two of them don’t like the result. This is all about the well-being of the club. It’s worrying.”

Inverness CT chairman Ross Morrison added: “It stinks. I find it hard to say, but certain members of Highland Council seem hell-bent on killing the club by abusing their powers.”

Morrison had previously described the initial thumbs up for the project as a “historic day” with the chief executive Scot Gardiner claiming the proposals would have the club “on the cusp of securing our long-term financial stability.”

Fans have given their reaction as the SPFL club admit they’re at risk of INSOLVENCY if unable to find new owner or investment…

@Jack_Wad_V2: Get Gardiner binned and you’ll have your Season Ticket/Merch revenue back

@alexjohnstone01: Well I’m glad that the Kelty plan is off the table. The club is in a dangerous place, what is needed is a reduction of cost, I’d suggest sacking the chief executive 1st. Then the manager. Then we need to live within our means. If it’s 11 local boys on a hybrid model then so be it

@Matthew_94_Bish: U-turn on kelty is good. But apart from that, yet again it’s pretty much a nothing statement.

@usernamebhoy: Supercaleysoutofmoneytheirfinancesareatrocious

@ictjaime: Gardiner out

@_caLLum_94_: Get rid of Gardiner and you can have all our money back

@jacklemaitre: Rest in piss @ScotGardinerLF

@Hahahasevco1: Just liquidate, tell everyone that liquidation is the end. Then have a sudden change of mind when the new club is formed. Get everyone on the same page again to pretend it’s a continuation. invernesscaleyco

@spljaggie:
A few missing lines.
We apologise for not consulting the fans about the move to Kelty.
We would like to thank Ross Morrison for his service.
We have decided that the role of CEO is not required for a First Division team and as such Scot Gardiner has been relieved of his duties

@AMoff7: Good on the Kelty plan, good on a call for investment, fair enough on the reality that admin could be on the horizon. But zero humility, no culpability or ownership over the past week’s events, nothing about behind the scenes, and no apology to the fans. 🤷‍♂️🔴🔵

@SirSandman92: Vague, non committal and no acceptance of responsibility. Basically saying either invest or watch the club go bust and itll be your fault if you dont. This is what the Gardiner/Morrison legacy looks like. Absolutely numbed

@NeilDrysdale: Very sad news, but a statement which provides more questions than answers and shows that a lot of fans have been right to express concerns about the running of the club in recent years. Super Caley no more?

@YKP1888: Going this way 👇

@BigDazSaturdays: “Invest or be the reason your club goes bust”

@Baino04_2:
One step forward ten steps back in this statement “forseeable future”
Who’s interim chair?
Why is Gardiner still here and not on gardening leave?
Why did you make what has become a costly decision so rashly and easily without consultation of any part of the fanbase?

@CraigLangley: Super Caley are imploding 😔

@ChrisLindsay33: I think people expecting apologies, news about player contracts etc have missed what this statement says. The club is basically bust and we are trying scrape together money to avoid that. I’d guess if we aren’t any further forward by the end of the week it will be administration

@Connor_RiceyGFC: U-turn on Kelty is good, other than that, this whole statement is just word’s meaning nowt

@celticfitba: It’s sad it has come to this, the club has clearly been trying to find ways to generate revenue, such as the battery farm, but have been hampered by local authorities who instead of supporting the club don’t seem to care if it dies

@Seanboy97: After re-reading this what a shite statement. Since Monday evenings board meeting them this is all they could come up with

@pieandbov: Super Caley are a car crash, prospects are atrocious.

@joanne_bain: A small step in the right direction, get Gardiner out before he ruins our club even more then the fans will be buying season tickets/merchandise. Commercial director needs to earn his wage, get matchday sponsorship and affordable hospitality for a start! #Gardinerout

@L60359420: Good luck for the fans’ sake 🖤🤍❤️

@raymondwhatlike: I’m baffled Gardiner hasn’t walked. How does he think his position is viable after this.

@Kiltedmarksman: Keeping fingers crossed that you get through this uncertain period, we need a strong Inverness Caley in Scottish game! Restructuring of leagues is the only way forward!

@PRCasey1983: I worry that we’re seeing a situation here of stable doors and horses. Having grown up in ‘Sneck, I’ve supported Caley since the merger, and seen many highs and lows throughout that time. I’ve never felt disillusioned as a fan before. But we can change. #SuperCaleyCan 🔴🔵👊

RIP to ICTFC pic.twitter.com/b4jIQ4asmz

— Dough (@ASimpleDough) June 5, 2024