Inverness Caley Thistle attract 20 potential bidders interested in buying the financially-stricken Highland club as insolvency firm BDO updates on latest moves
Inverness Caledonian Thistle’s administrators say they have received 20 expressions of interest in buying the crisis-hit club since taking control.
Interested parties will shortly receive further documentation outlining details of the investment opportunity.
BDO, the insolvency firm that oversaw the liquidation of Rangers and administration of Hearts, is trying to find a buyer for the 2015 Scottish Cup winners while investigating club finances.
It has also issued a renewed plea to fans and the local community to help raise funds to save the club.
Caley Thistle officially entered administration on October 22.
Two days later, BDO held a press call to outline moves to save Caley Thistle in the face of unsustainable running costs and debts of around £3.6 million.
It announced the departure of five playing staff, but indicated there would be no immediate redundancies among non-playing staff.
Major shareholder Alan Savage, returning to the board as director, pledged a further £500,000 to support the club through administration.
That followed the departure of manager Duncan Ferguson and his backroom team, with coach Scott Kellacher becoming head coach and captain Billy Mckay player-coach alongside youth coach Ross Jack.
BDO will also try to cut a deal with creditors, but there was no update on progress in doing so in a statement issued today (Thursday) at 4pm.
The BDO statement reads: “We have had many enquiries from people wanting to help and support the club financially, ranging from on-site restaurant opportunities to advertising and so on.
“Understandably, some have questioned where the funds will go.
“I’d like to stress that all funds raised will be used towards the running costs of the club and will not be expended on professional fees or to pay historical creditors.”
After issuing documentation to interested parties, BDO will look to advance talks with those still engaged at the earliest opportunity. The firm has already set up a "virtual data room" for would-be buyers to do due diligence on club finances, with all suitors remaining anonymous through non-disclosure agreements.
Orion chief Savage is himself understood to be interested in taking a controlling interest in the club he served as chairman from 2006 until 2008.
At the press conference 10 days ago, Savage, asked if the buyer might be him, responded: “I wouldn't rule anything out.”
Meanwhile the administrators also renewed their plea to supporters and the local community to mount efforts to raise funds for Caley Thistle.
A Save ICT crowdfunder launched over a month ago has raised £87,501 towards the club’s running costs, but donations have slowed in recent weeks.
