EXCLUSIVE: Ketan Makwana still determined to get a majority stake in Inverness Caledonian Thistle despite the club suspending negotiations

KETAN Makwana says his company Seventy7 Ventures remains committed to become the majority shareholder at Inverness Caledonian Thistle after it was revealed the club have suspended their negotiations.

Inverness Caledonian Thistle confirmed on Tuesday that it has placed talks on hold with Makwana and employed Orion Group chairman Alan Savage to take charge of the club in its bid to put it on a firm financial footing.

Makwana, who runs the UK-based sports, entertainment and leisure group Seventy7 Ventures, had hoped to have completed the deal to take over at Inverness Caledonian Thistle by the end of the month.

But it was announced on Tuesday by the club that negotiations with Makwana have been suspended.

It was also confirmed by the club that former chief executive officer Scot Gardiner had officially left his role on Monday night with Charlie Christie reported to be his replacement.

Since news that negotiations with Seventy7 Ventures have been suspended, Savage said in a television interview they have been involved in talks with interested parties from China and Portugal about investing in the club.

However, Makwana says that he remains committed to investing into Inverness Caledonian Thistle and awaits to hear from the club if they wish to continue talks.

He said: “On receiving the official communication from the board about the suspension of our imminent deal, we at Seventy7 Ventures are disappointed as we believed we were closing in on concluding the business for the betterment of the club.

“I acknowledge the board’s decision to engage Mr Savage and respect that they are trying to achieve financial stability in the short-term.

“This news doesn’t change anything with respect to the future developments of Inverness that we have initiated as we firmly believe that our vision is a positive move for the city of Inverness.

“Our deal is currently suspended and we want to go on the record to say that we remain committed to the deal and should the club decide to reinstate the deal or if the club comes back on the market - then we are willing to engage and conclude the business.”

The financial problems at Inverness Caledonian Thistle were revealed last month when it was announced they had a made a loss of £588.053 for the financial year ending May 30, 2023.

Savage, who was chairman of Inverness Caledonian Thistle between 2006 and 2008, said in an interview with STV News that they have received interest from overseas about investing into Inverness Caledonian Thistle.

He also confirmed that he has put in 150,000 into the club, with a view to get the club financially secure and then sell it.

Savage said: “We need to get it on to a even keel and then sell it.

“We have a couple of opportunities, a Portuguese company who have just bought Monza, plan to buy a club in England and Scotland as part of the overall plan.

“Inverness could fit well with them, and there are also Chinese investors who could invest in the club.”

Savage also said that the club did owe a significant amount of money to a number of parties.

He said: “The inland revenue and lots of suppliers are probably owed money to a quantum of £700,000.”

Savage said he has taken on the role to help solve the problems at Inverness Caledonian Thistle as a way of giving back to the city and the region.

He said: “I came up to Inverness with nothing in 1980, and have done well and I owe the community and city and that is what I am prepared to do.”