Major shareholders gather to strategize on club sale and financial recovery
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A pivotal meeting of key shareholders from Caley Thistle took place on Wednesday, igniting renewed hope for the club’s future as it faces the threat of liquidation. The gathering, initiated by respected retired corporate lawyer and former Inverness vice-chairman Allan Mackenzie, aimed to revitalize the process of selling the club, which has been struggling financially.
Urgent need for a buyer
On Monday, the club’s joint administrators, BDO, issued a stark warning about the Highlanders’ precarious situation, stating that without a buyer by the March 6 deadline, the club would be at “significant risk.” Three major obstacles were identified: the substantial loans from shareholders and former directors, the complex shareholding structure that complicates control for potential buyers, and ongoing issues related to the car park land adjacent to the Caledonian Stadium.
Positive discussions and potential solutions
Despite the challenges, the response from shareholders during Wednesday’s meeting was described as “very positive” by Mackenzie, who expressed optimism about finding a way through the financial difficulties. He emphasized the importance of expediting the company voluntary arrangement (CVA) process to secure a buyer quickly. Mackenzie noted that while progress is encouraging, it will require “goodwill” and “hard work” from all parties involved.
Financial commitments and community support
Alan Savage, former chairman and current consultant for the club, confirmed that he would be advancing discussions with various businesses to secure essential funding. To keep the club competitive in the Scottish Professional Football League (SPFL) until the end of the next season, an estimated £1.8 million will be needed. Savage has already committed £1 million this season and plans to contribute 25% next season, but he has called for support from the Highland community to cover the remaining shortfall.
On-field challenges and future outlook
As the club navigates its financial turmoil, the on-field situation remains critical. Head coach Scott Kellacher’s team currently sits eighth in League One, just two points ahead of Annan Athletic, with seven matches left to secure their place in the league. Following a 15-point deduction due to administration last October, the pressure is on Kellacher and his players to perform and avoid relegation to League Two.
With the recent positive developments, Mackenzie believes that the players will be more focused as they strive to keep the club afloat. The meeting has provided a glimmer of hope for Caley Thistle supporters, who are eager to see their team overcome these challenges and secure a brighter future.
