WATCH: ‘Massive burden’ removed from Inverness Caledonian Thistle as £3 million of debts wiped out

Financially-stricken Inverness Caley Thistle are hopeful of a bright new dawn after incoming advisor Alan Savage secured agreement to wipe out more than £3 million in historic debts.

Savage, the club’s former chairman, held an emergency 11am meeting today with individuals and firms that had previously given loans to the club.

During it, he secured agreement from every one of them to either write off the money they were owed or convert the debt into shares in the club.

He said the groundbreaking agreement removed “a massive burden on the club” and would be a major game-changer in paving the way for new ownership and investment.

By far the most significant gesture came from previous chairman Ross Morrison who pledged to waive a massive sum of around £2.1 million owed to him in loans.

Others listed by the ex-chairman as having effectively written off debts were David Cameron, Alan Munro, Roddy Ross, Graeme Bennett, Liam Dalgarno and George Fraser.

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Asked to sum up what it all meant to the club, Savage replied: “I think the club has won a watch”.

On a hugely significant day for the troubled 30-year-old outfit, Savage revealed that Sir Alex Ferguson was among those offering to help, having got in touch to urge Caley Thistle to stick by manager Duncan Ferguson.

But the Orion owner’s biggest breakthrough seems to be beginning the process of restoring goodwill, trust and backing from within the local business community, as well as other creditors.

One, strip manufacturer Puma, have also cut a deal to release the club from a six-figure commitment made for the next four years under past chief executive Scot Gardiner.

It was also clear that major figures in the club’s past, such as ex-chairmen Dougie McGillivray and David Sutherland, among many others, had rallied in the club’s hour of need.

Savage said: “A lot of people know about the club lacking communication with the fans and all of the stakeholders in the club.

“I was brought in a week ago by Panos (Thomas), the acting chairman, to try and help him out and bring some clarity to matters.

“The first thing I realised (was to get) rid of Scot Gardiner, which was a major problem for the club.

“I won’t go into too much detail on that.

“But the other issue is obviously the balance sheet. I had to sort out loans that the previous regime had with the club.

“I think it is fair to say that all of these guys tried, in their own way, to move the club forward, but some of their ideas were quite optimistic and difficult, and they didn’t come off.

“Today, they all agreed they would turn their loans into equity or waive them completely, which lifts a massive burden off the club and turns the balance sheet around completely.”

Caley Thistle needed to achieve a clear understanding of the depth of their financial woes and remove debts to make the club more appealing to potential buyers or investors.

It is understood talks will now begin with several interested parties, with Savage and his representatives set to meet Portuguese interests on Monday next week.

Under controversial past chief executive Mr Gardiner, now replaced by Charlie Christie, it is claimed relations with the local business community and a great many club stakeholders, had soured beyond repair.

What was clear today was that there had already been a huge upswell in goodwill and offers of help.

Mr Savage said: “Tomatin Distillery’s Stephen Bremner has said he will do commemorative bottles of whisky to mark 30 years of the club’s existence, paying us £50k up front before he has even sold them.

“People like Dougie and Iain MacGillivray of Weldex and Donnie from D&E Coaches are on board to help.

“A lot of people have pledged to help the club going forward.”

“One of the first things I’ll be looking at, now, is the creditors and trying to help them out.

“I’m not saying everybody is going to get paid immediately, but certainly we’ll be paying people who have had debts with the club for a long time.

“I’ll look at that as a priority and make sure they’re OK.

“It is going to put the club on sound financial footing and that means we meet our obligations, as and when they fall due, as a going concern.

“I’m going to bring some order to the club in terms of management systems.

“I’ve had a chat with the manager and he’s coming on board.

“And yesterday I got a phone call from Sir Alex Ferguson. He said I could call him Alex, which is massive to me as a Manchester United fan!

“He sang Duncan’s praises, said he was a great lad, and for us to stick with him and he will turn this club around on the football side.

“I asked him if he could have a word with Erik ten Haag (Manchester United manager), get (Alejandro) Garnacho to play for us, which he laughed at!

“But he said he is going to help us, which is very important and he may come up to a game.

“That’s all good news.

“We’re speaking to local businesses who will help turn things around.

“We’re going to appeal to the community and the fans to get behind the club.

“The mission is to win our next game and get promotion.

“Once I’ve got the club in complete order and we’re happy with it, we’re going to go out to the market and look to sell the club.

“We want to have an open and honest relationship with the fans, all the stakeholders, and get rid of this cloud that has been hanging over the club.”

Singling Ross Morrison out for special praise, Savage said: “It is all straightened out and he couldn’t be more cooperative.

“I thank Ross - he did us a good turn today.

“I think people realise what I’m trying to do. They’re buying into it - and we will be paying people this week.

“It is coming out of my own pocket.

“But hopefully Dougie and Iain MacGillivray will have Weldex signs all over the stadium and we’ll get some initiatives that they have promised to help us out with.”