Home   Sport   Article

Caley Thistle assuming second place finish for £1.4 million figure to last entire season





Inverness Caledonian Thistle need between £1.4 million to £1.6 million to continue until the end of the season.
Inverness Caledonian Thistle need between £1.4 million to £1.6 million to continue until the end of the season.

Inverness Caledonian Thistle say that a figure of between £1.4 to £1.6 million injection of money to keep the club afloat ‘assumes’ the club finishing at least in second place in League One this season.

Inverness Caledonian Thistle sent a letter to shareholders yesterday detailing the financial difficulties it faces as it attempts to avoid administration this month.

The club have said it is looking to raise at least £200,000 by Wednesday, October 16 to avoid going into administration and between £1.4 million to £1.6 million to keep going to the end of the season.

However, in his letter to shareholders, interim chairman Panos Thomas said that the £1.4 million to £1.6 million figure was looking at the club finishing in second place.

Inverness Caledonian Thistle are currently in sixth place in League One with only one win and six draws from their eight matches this season.

The club are on nine points, but only five points behind league leaders Queen of the South despite their lack of wins.

However, if Inverness Caledonian Thistle go into administration, they will face a 15-point deduction which would give them a Herculean task to finish within at least the play-off spots.

The winners of League One would be automatically promoted to the Championship.

Teams finishing in the second, third and fourth place spots, would go into the promotion play-offs along with the team that finishes in ninth place in the Championship.

The team that finishes bottom of League One would be automatically relegated to League Two with the ninth place team go into the League One play offs, with teams that finish second, third and fourth in League Two.

In his letter to shareholders yesterday, interim chairman Panos Thomas said the figure of between £1.4 to £1.6 million is relevant to the club finishing in at least second place in League One.

He wrote: “A huge injection of cash is urgently required in the short term to keep the club afloat.

“The amount that is estimated to be required to get to the end of the season in terms of cash requirement, potential claims and backlog creditors is in the region of £1.4-£1.6 million.

“This figure assumes a second place finish in the league and excludes the sum of £350,000 already paid into the club by Alan Savage.”

Thomas added it has been due to Savage’s investment of £350,000 that the club continue to remain solvent.

He wrote: “In the past there have been numerous sources of this type of philanthropic support whereas at present, despite efforts by the board, it has thus far been Alan alone who has provided temporary funding to stave off insolvency.”


Do you want to respond to this article? If so, click here to submit your thoughts and they may be published in print.



This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies - Learn More