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Inverness Caley Thistle chairman reacts to club's £835,000 loss in latest financial statement

By Will Clark

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INVERNESS Caledonian Thistle chairman Ross Morrison remains confident the club faces a bright future despite recording a massive six-figure loss in the last financial year.

Chairman Ross Morrison with chief executive Scot Gardiner.
Chairman Ross Morrison with chief executive Scot Gardiner.

It has been revealed in the club's latest financial statement that the club recorded a loss of £835,751 before tax in the 12 month period ending May 31, 2022.

Now the club have revealed they are holding an AGM on Tuesday, March 28 where they plan to be able to include an update on the major joint projects they are working on with Intelligent Land Investments Group.

Morrison says a number of factors led to finances at the club being challenging in the past year, but he says the club has a positive outlook for the future.

In a statement released by the club, Morrison said: "Our finances were indeed challenging throughout the season with many things contributing to this.

"For instance travelling away supporters were at their lowest for many years, but we managed the financial challenges with the magnificent and continued support of my fellow directors.

"I would personally like to thank them as much as I thank our loyal Caley Jags fans for their support.

"Our season ticket numbers increased last season, as they did again this season, although we need to do more to get younger fans along to Caledonian Stadium, something we continue to target as this current season continues.

"We will continue to gift hundreds of tickets to schools throughout our catchment area for every game.

"Our retail operation and in particular our partnership with PUMA, continues to be a huge success with sales up by double digits year on year and by over 50 per cent since switching to the global sportswear giants."

Morrison added: "It was clear to me when I became chairman that unless we were able to secure significant external revenue streams we would continually and additionally have to rely on the goodwill of directors and other sources, but thankfully, we are now moving towards the position where all of our hard work on external revenue streams comes to fruition."

Morrison says that the club are also looking to capitalise on the Caledonian Stadium and surrounding land being situated within the Opportunity Cromarty Green Freeport zone.

He believes opportunities exist which can be financially lucrative to the club.

He said: "We also hope to be able to enlighten shareholders and fans on the hugely exciting potential we have now that our stadium and surrounding land have been included in the Opportunity Cromarty Green Freeport.

"I believe we are the only professional football club in the UK to be situated with a Freeport Tax Zone and we are exploring the potential benefits and opportunities with other Freeport stakeholders, including Highland Council, the Scottish Government and the UK Government.

"So while this season has thus far been a disappointment which we are addressing internally and the financial challenges to a full time Highland club currently in the Championship remain, it is clear to me that as owners of our stadium, with no bank debt and a thriving boys academy, a burgeoning women and girls section, an enormously successful ICT Development Trust, on the cusp of securing a stunning eight acre hub at the sports fields of the Royal Academy, and with our external business plans well in place, I believe we can look forward with reasonable and measured excitement and confidence.

"There is no hiding from how difficult and challenging it can be to maintain everything we want to have at the club, the cost of living crisis and the outrageous utility charges put an increasing strain on all businesses of our size but we have a good plan.

"There is no substitute for hard work and ingenuity and we will need to continue that in spades and we are one game away from a Scottish Cup Semi-Final at Hampden.

"I hope that as many as you as possible turn up to support the club and help roar us to what would be another huge achievement in our proud run of successes in the Scottish Cup."

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