ICT could lose £400,000
AN extra £400,000 may need to be raised by Inverness Caledonian Thistle following the decision to place the newly formed Rangers in Division Three next season, The Inverness Courier has learned.
It is understood directors are looking for further cash from existing backers, bank loans and additional investment from the Muirfield Mills consortium of overseas-based fans to help make up the projected shortfall in gate receipts and television money.
Chairman Kenny Cameron admitted the situation was serious but insisted the club was not at risk of administration.
“We are one of the few clubs with no bank debt whatsoever, so our position is very far from immediately threatening, as has been alleged,” he stated. “We look forward to the new season on the back of renewed commitment over the weekend from our major shareholders and sponsors, for which we are very grateful. They fully appreciate that in May we, like other clubs, set our budget for 2012
But there is disappointment within Caley Thistle that fans appear not to be rallying around. Season ticket sales are down by £75,000 (equating to 300 fans) on this time last year — which itself was below the levels of 2010 — despite discount offers being extended last week.
This is a particular blow as the board bowed to pressure from fans to vote against the Rangers new company’s (newco) application for entry into the Scottish Premier League.
“It is important that our supporters keep making their contribution via season ticket sales,” said Mr Cameron, who attended an SPL meeting at Hampden yesterday at which it was decided Dundee should replace Rangers in the SPL. “We took their views on board and continue to hold the position that not allowing Rangers newco into the SPL is the correct decision.”
Peter Murphy, chairman of the Caley Thistle Supporters Trust, also urged fans to get behind the team.
“It is crucial that the fans support the club,” he said. “Unless there are sufficient numbers on seats then no club is going to have a future and I hope as many as possible renew their tickets, particularly the ones that said they would and since haven’t.”
An emergency board meeting was held at Tulloch Caledonian Stadium on Sunday to discuss the financial impact of Rangers newco’s insertion into the lowest tier of Scottish football.
The Muirfield Mills consortium invested £250,000 into the club in March and has already stated its intention to inject another tranche of cash this summer. It is not yet known how much more money will come from the five-strong group, made up of affluent supporters including Abu Dhabi-based oil executive Paul MacInnes and Richard Hillier, a Swiss-based financier, but it is all now likely to go into meeting the shortfall rather than boosting the playing squad.
Mr Cameron warned no Scottish football club would escape suffering a monetary blow as a direct consequence of Rangers newco’s start in Division Three.
SPL chief executive Neil Doncaster predicted £16 million could be lost from the value of the league’s television deal and St Mirren chairman Stewart Gilmour feared several clubs could go bust. Clubs like Motherwell and Dundee United have suggested they may need to find an extra £500,000.