Former directors urged to resolve car park lease issues to attract buyers.
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In a critical juncture for Inverness Caledonian Thistle (ICT), former directors are being urged to resolve ongoing disputes regarding the lease of the Caledonian Stadium car park. This issue has emerged as a significant barrier to the sale of the club, which is currently navigating through administration.
With 15 interested parties eyeing a potential acquisition, the resolution of this car park stalemate could be pivotal in determining the club’s future.
Understanding the car park lease situation
The car park in question is leased to Propco Ltd, a company acquired by former ICT directors Ross Morrison and David Cameron in 2023.
This lease arrangement has created complications, as the club is essentially a sub-tenant of the land surrounding the stadium, which is owned by Highland Council. James Stephen, representing the club’s administrators BDO, highlighted the precarious nature of this lease, stating that the potential for it to be revoked at short notice has raised concerns among prospective buyers.
Stephen elaborated on the importance of the land, noting that it is crucial for generating non-football revenues, especially given the club’s location outside the city center. The lack of transport links makes the car park a vital asset for ICT’s operations and future growth. Despite Propco’s willingness to negotiate, any agreement would require financial compensation, adding another layer of complexity to the sale process.
Financial implications and community support
Alan Savage, a former chairman and current financial backer of the club, has injected nearly £1 million this year to keep ICT afloat. He remains optimistic about the club’s future but emphasizes the need for cooperation from Morrison and Cameron. Savage’s commitment to funding the club is crucial, especially as the organization faces a significant funding gap until the end of the season. Stephen has called on the local community to support Savage’s efforts, highlighting the importance of collective action in securing the club’s future.
As the club navigates through this challenging period, the financial landscape remains daunting. With debts totaling £3.8 million and a list of 140 creditors, the urgency for a resolution is palpable. Morrison is the largest creditor, owed over £1.6 million, which underscores the financial stakes involved in the ongoing negotiations.
Looking ahead: Prospects for Caley Thistle
Despite the challenges, there is a glimmer of hope for Caley Thistle. Stephen reported ongoing discussions with potential buyers, including interest from both domestic and international investors. The club’s administration has been a necessary step to ensure its survival, and the focus now shifts to securing a viable future. With plans to prepare budgets beyond the current season, the administration team is working diligently to attract credible offers.
On the pitch, the team is currently positioned in ninth place, trailing behind their nearest rivals. Upcoming matches will be crucial as they aim to improve their standing in the league. The combination of on-field performance and off-field negotiations will ultimately determine the club’s trajectory in the coming months.
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