BREAKING: A six-strong Highland consortium is ready to table an offer by Monday to take control of Inverness Caley Thistle and save the club from the threat of administration
UPDATE: Consortium bid falls through as administration CONFIRMED for Caley Thistle
A consortium of six Highland businessmen is set to table a fresh bid by Monday morning to take control of Caley Thistle.
It is understood the group, who together already command a majority shareholding in the stricken Inverness club, are driven by a determination to remove the threat of administration.
Caley Thistle said on Thursday that the deadline for any interested investors to make an offer that could prevent it entering the insolvency process had “come and gone”.
Club representatives also told a supporters’ meeting on October 7 that administration was now the likeliest outcome.
But the unnamed individuals, again fronted publicly by Johnny Foxes bar owner and local businessman Don Lawson, are aiming to use their large shareholding leverage of more than 50 per cent of club ownership to wrest back control.
The dramatic move came just hours after talks between the ICT board and Cullen-based businessman David Anderson, again represented by Lawson, concluded without agreement.
Anderson had previously offered to pump £1.2 million into the club which needs immediate funds this month, and up to £1.6 million by the end of the season, to avoid insolvency.
Debts, including directors’ loans, have been estimated at well over £3 million with around £600,000 owed to other creditors.
The sums of cash investment have not, as yet, been specified, but it is understood the consortium are confident they could reach agreement to turn the crippling directors' loan debt into share equity.
Lawson, confirming himself as spokesman for the group, said: “There is a consortium in deep discussions as we speak. I’m involved in that as well.
“It is a consortium of large shareholders, some of whom are ex-directors. Several others are involved in deep discussions that will go on over the weekend.
“It is not over until the fat lady sings.
“There is a potential bid going to be on that table by first thing Monday morning.
“These guys don’t want the club to go into administration and have the support of one or two other significant names.
“Everyone is putting their heads together and will be meeting over the weekend.
“They have the club’s best interests at heart.”
Lawson is a supporter and an ex-director of local rivals Ross County, but explained his motivation for getting involved in promoting a potential rescue package at the Caledonian Stadium.
He said: “I have said all along, when I was involved in June and July with the possible Portuguese deal, my allegiance is with Ross County.
“My motivations are I’m a football man, a crazy football fan, and I’m an Inverness guy with businesses in Inverness. I want Caley Thistle to survive and Inverness to thrive.
“I’m not getting a penny out of it - there’s no money involved in it - I’m doing it because Gordon Ritchie (of GRM Marketing) and I are good friends, of 40 years standing.
“I wouldn’t be involved in the buying of the club or joining the board, but I’m keen to help them as spokesman and representative.”
