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| 1. Author: Raymie the Legend Date: Tue 1st Oct 2024. 07:49 According to a Courier report https://www.inverness-courier.co.uk/news/inverness-caley-thistle-enter-talks-about-potential-administ-362534/  It`s bloody tough being a legend Ron Atkinson - 1983 Reply |
| 2. Author: Buster_Brown Date: Tue 1st Oct 2024. 08:19 After the reports in the summer, it was probably only a matter of time really. Feel for the fans of the club, as we know, not a nice position to be in. Guessing there will be a points deduction for them, similar to Edinburgh City last season? Reply |
| 3. Author: buffy Date: Tue 1st Oct 2024. 08:37 “The SPFL would deduct 15 points this season and five points next season….” ”Buffy’s Buns are the finest in Fife”, J. Spence 2019” Reply |
| 4. Author: Alf Date: Tue 1st Oct 2024. 08:50 And yet they were signing players Reply |
| 5. Author: wee eck Date: Tue 1st Oct 2024. 09:34 According to the Courier they were negotiating to sign a Premiership striker on loan! I feel for Paul Allan who only signed for them a few weeks ago. Reply |
| 6. Author: fergie Date: Tue 1st Oct 2024. 10:56 Terrible news and must be devastating for the ICT fans as well as the city. This was always one of my favourite away days, finishing the night in Hoots Reply |
| 7. Author: da_no_1 Date: Tue 1st Oct 2024. 11:13 Just signed Charlie Reilly on loan. "Some days will stay a 1000 years, some pass like the flash of a spark" Reply |
| 8. Author: Back_oh_the_net Date: Tue 1st Oct 2024. 13:48 And it’s BDO aka duff & phelps (helpless) they are looking to appoint so will they come back as the Inverness Caledonian thistle? when they are liquidated? Reply |
| 9. Author: DJAS Date: Wed 2nd Oct 2024. 17:35 Interim Chairman Panos Thomas has written to all shareholders with the following update on the club’s financial position Dear Shareholders, Update on the financial position of Inverness Thistle and Caledonian FC Ltd (“the club”) As interim Chairman of the Club and with the support of all the Board Directors, I am writing to all shareholders to advise and update you on the troubled financial position of the Club currently. We are acutely conscious of the fact that as shareholders, you are the owners of the club and require and expect to be kept regularly informed as to the health of the business, and the more so just now, given additional financial struggles, following relegation to Division 1 last May. I do hope that you will have observed that we have given greater focus on openness and transparency over the last few months as we, as directors, strive to tackle these financial challenges. Actions in August and September By August of this year, it became clear to the Board that the Club’s financial position, which had been precarious for some years in all honesty, had become perilous. The 2023 accounts lodged late at Companies House revealed a loss of nearly £600k for the 2022/2023 season and as the auditors were preparing to commence the audit for season 2023/2024, where the anticipated loss is expected to rise to £1.2m, serious question marks were highlighted, regarding the club’s solvency and ability to continue to trade. Strenuous attempts had been made by the Board to attract an inward investor and we did seriously consider an approach from 77 Ventures (Ketan Makwana), on which there has been much public comment. However, we suspended these discussions when it became clear that the gap between buyer expectations and seller ability to deliver was unlikely ever to be bridged. We remain open to consider any other credible offer of investment, even at this late stage. At that point, and following meetings with many of the major shareholders who we considered might be able to assist the club and be willing to “ride (again) to the rescue”, the Board accepted a generous proposal from Alan Savage of Orion, who alone came forward and offered to undertake 2 key tasks: 1) to act as a business Consultant to the club, in order to carry out an urgent, intensive forensic appraisal and report (after 6 weeks) on the club’s financial position. Alan scrutinised the day to day running of the club, the financial projections, held discussions with current directors and staff, met with former directors with substantial loans outstanding, spoke with trade creditors and assessed what could be done to fast track an increase in commercial revenue and generally encourage more support and engagement from the club’s key stakeholders. 2) against the current perilous financial backdrop, and to provide time for this financial analysis to take place in an orderly way, he also offered a substantial financial lifeline to the club, affording it temporary solvency status, to allow us to continue to trade. To date that support from Alan has reached £350,000. It goes without saying and the Board wish to place on record that we are all hugely grateful to Alan for having made these 2 commitments. The club now has the benefit of his detailed report and conclusions, which we wish to share with you all and have summarised this below. Conclusions from the Financial Appraisal - Loss of £1.2m for the 2023/2024 season - Predicted loss in the current season of £1.2m based on current projections. This does not account for additional expenditure that will also have to be incurred in restructuring the club as a first division business. - Trade creditors (including HMRC) stood at £600,000 early in August. This includes monies due for a contract with the kit supplier, where the club is committed to a spend of £125,000 per season for the next 3 seasons and a provision against litigation threatened by the club’s former CEO that could, if the club’s case was unsuccessful, cost £170,000 . - Former Directors Loans currently stand at £3.425 million, which would cause the Balance sheet to stand at negative £3.8 million by May 2025. - A huge injection of cash is urgently required in the short term to keep the Club afloat. The amount that is estimated to be required to get to the end of this season (in terms of cash requirement, potential claims and backlog creditors) is in the region of £1.4 – £1.6 million. This figure assumes a second place finish in the league and excludes the sum of £350k already paid into the club by Alan Savage. In the past there have been numerous sources of this type of philanthropic support, whereas at present, despite efforts by the Board, it has thus far been Alan alone who has provided temporary funding to stave off insolvency. - The latest cashflow projections predict that at least £200,000 will be needed by the end of October. - Battery Farm: the club still hopes to benefit from a positive planning decision on the proposed Battery Farm. Angus MacDonald, the local MP was contacted and he is going to ask the Reporter in Edinburgh to expedite his decision on the Battery Farm Planning Application that was rejected by HRC. If the Battery Farm went ahead, it has been anticipated that the Club would receive £3.4 million less expenses from the Battery Farm Company, the club’s shares in which had been bought by David Cameron, Allan Munro and Ross Morrison, in order to provide monies to run the club to the end of last season. This may provide a way out of the club’s financial difficulties. Land surrounding the Stadium extending to 7/8 acres approx. It had been hoped that this land might be re-conveyed to the club by the current leaseholders, Inverness Caledonian Thistle Properties Ltd. No deal has yet been struck though, although the club remains optimistic that a deal might still happen. If the lease of this land could be reconveyed to the club by ICTPL, it would better secure the club’s long-term future by ending the unease of having the 2 car parks subject to a 6 month break option, which could potentially see the club lose this vital land. It would also allow the club to use the remainder of the land to try to generate much needed commercial income, a fact which has been remarked upon by our auditors. Other actions which the Board have taken In the light of the current challenges for the club, the Board felt it necessary and procedurally correct to open discussions with the SPFL and we did so on Friday 20th September. Unsurprisingly, they had already had some awareness of our difficulties. Discussions with Scotland’s leading football administrator has also taken place, after which the Board determined that it was duty bound to investigate what the administration process would entail, if that was to be initiated in a final attempt to avoid liquidation of the club. Subsequent discussions have been opened with an Administrator experi Predictor league winner 2012/2013 Reply |
| 10. Author: saltonsgonagetu Date: Wed 2nd Oct 2024. 17:53 Whilst Alan Savage’s temporary financial lifeline has undoubtedly saved the club from insolvency in the last few months, now that he has reported in depth to the Board, it would be unrealistic to expect that lifeline to continue. A decision as to the future path of the club must be made in the next few weeks and certainly by end October at the latest. As a club Board, it is incumbent on us to formally report this to you, the shareholders, as we have done above, seek your views and any suggestions to save the club, that may not have come to the fore over the last few months, and then act appropriately, in accordance with our statutory duties as directors. What no Balance Sheet or financial analysis recognises, of course, is that the club’s most valuable asset is its fan base. They provide the life blood for the club and we recognised that we should also make further steps through the Supporters Trust and publicly, to appeal to them to help the club to survive. We need to accept the reality of the situation that with debt by May 2025 likely to be £1.4 – £1.6 million (to cover cash loss, potential claims and back log creditors) and a balance sheet standing at negative £3.8 million by the financial year end in May 2025, finding a credible buyer is highly aspirational. However, a former Chairman has expressed the opinion within the last week, that he feels confident that Administration could be avoided, if the Board reached out to former Directors and major Shareholders to see what amount of money could be raised quickly to save the Club. Whilst we have already done just that, and on more than one occasion, nonetheless, and in line with this request, the Board are reaching out once again, and by virtue of this letter, to all shareholders, to former Directors, fans and all Stakeholders, to ascertain if it is still possible to raise money of the levels indicated above. We are also proposing the following actions, recognising that time is of the essence: 1) we intend to set up a Crowdfunding Page, where pledges of cash can be made to a ‘Save ICT Fund” Unless the Appeal can raise £200k immediately, and certainly by Wednesday, 16th October, then Administration is inevitable, because the Club would be insolvent. 2) any innovative ideas for raising substantial funding, that might have been overlooked by us as a Board, can be e mailed to us at panos.thomas@ictfc.co.uk 3) We propose to have an open meeting of shareholders, fans and stakeholders in the Highlander Suite at the Club, at Stadium Road, to be held at 7.30pm on Monday, 7th October. We encourage as many as can attend to please come along and share your thoughts with us.  Reply |
| 11. Author: jake89 Date: Wed 2nd Oct 2024. 18:42 When you read stuff like this you really wonder how any clubs are surviving in Scotland and it yet again displays just how damaging the SPL/Scottish Premiership has been with nonsense like the 10k seater rule. Post Edited (Wed 02 Oct 18:43) Reply |
| 12. Author: Luxembourg Par Date: Wed 2nd Oct 2024. 19:11 Quite bold of them to forecast and budget on a 2nd place finish, but I guess the prize pot isn`t significant in that division between 2nd or 4th  Reply |
| 13. Author: Stanza Date: Wed 2nd Oct 2024. 20:53 Two weeks to raise £200k or go into administration, which would mean a points deduction and the loss of players. Grim stuff. _________________  Support Dunfermline Athletic Disabled Supporters` Club (DADSC) when you shop online with one of 8000 firms: http://www.easyfundraising.org.uk/causes/dadsc[Reply |
| 14. Author: wee eck Date: Thu 3rd Oct 2024. 15:17 Inverness Caledonian Thistle manager Duncan Ferguson says he is working for free to help the Highland club through a financial crisis. The League 1 club needs to raise £200,000 in two weeks to avoid being placed in administration this month. Ferguson, who took a pay cut in August, said: "I felt it would be appropriate for myself to offer my wage into that pot." He said he would continue to work without his salary until ICT was safe, but added: "Obviously I can`t go without a wage forever because I have got to put food on the table, but at the moment needs must." Ferguson said he decided on Wednesday night to give up his wage. He said he would not ask others to do the same. Ferguson added: "I`ve done my bit. I`ve given up that wage and I`m still working for the club. I`m making sacrifices." Reply |
| 15. Author: da_no_1 Date: Thu 3rd Oct 2024. 15:29 "I`ve got to put food on the table" Not all heroes wear capes...... "Some days will stay a 1000 years, some pass like the flash of a spark" Reply |
| 16. Author: bannerpar Date: Thu 3rd Oct 2024. 16:20 Speaking of Big Dunc, I see he managed to top a table of football`s hardest men, outdoing Vinnie Jones, Norman Hunter, Stuart Pearce, Graeme Souness, Joey Barton etc. Quite an accolade! Reply |
| 17. Author: Berry Date: Fri 4th Oct 2024. 01:07 Be a nice gesture if we could conjure up a small amount to aid their cause. Never nice to see teams in this predicament. Reply |
| 18. Author: shellypar Date: Fri 4th Oct 2024. 07:22 Berry, Fri 4 Oct 01:07 I would be nice but i dont know if we would actually be allowed COYP Reply |
| 19. Author: weemike Date: Fri 4th Oct 2024. 09:46 Good on big Dunc leading by example. I hope inverness get through this difficult period. Reply |
| 20. Author: saltonsgonagetu Date: Fri 4th Oct 2024. 10:09 shellypar, Fri 4 Oct 07:22 I`m sure the fans could club together , Reply |
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