Inverness Caledonian Thistle confirm deadline for bids to invest in club has now passed as it is threatened with administration
Inverness Caledonian Thistle have confirmed the deadline for any interested investors to make an offer which could prevent it from going into administration has passed.
It has not been confirmed if the club has received or accepted any offers, but says that it will decide what is the best way for it to progress in the next few days.
Board members are scheduled to meet by the end of this week to discuss any offers it has received from potential investors.
However, if no deal is agreed with an investors, it is likely that it will be decided to put the League One outfit into administration.
A statement from the club said: “The board can confirm that the time for any interested parties to offer for the club has come and gone.
“We are currently looking at our position and will make an announcement in the coming days.”
However, if no deal is agreed with an investor, it is likely that it will be decided to put the League One outfit into administration.
A statement from the club said: “The board can confirm that the time for any interested parties to offer for the club has come and gone.
“We are currently looking at our position and will make an announcement in the coming days.”
It is believed that board members were involved in talks with a Highland businessman in Inverness this morning, who is interested in investing into Caley Thistle, on the condition it is not placed into administration.
The investor, who wishes to remain anonymous at this stage, was being helped in negotiations with Inverness businessman Don Lawson and Gordon Ritchie of GRM Marketing.
The investor claimed on Tuesday that he had made a £1.2 million offer for a controlling stake in the club which would give him a 50.45 per cent shareholding.
But his deal was on the condition that the club was not placed into administration
He was requesting more information regarding how much debt the club owed and the financial status of the club.
However, he claimed that the offer was rejected by the club, although Inverness never responded to the claim.
Inverness Caledonian Thistle attempted to raise £200,000 in a crowdfunding scheme which it said it needed to reach by Wednesday, October 16 to avoid becoming insolvent.
Former interim chairman Panos Thomas, who resigned from his position earlier this month, wrote to shareholders that the club was facing a loss of £1.2 million into the current season.
He said in the letter that the amount of money the club required to get to the end of the season was in the region of £1.4 to £1.6 million.
However on Thursday morning, the crowdfunding scheme had just raised under £86,000, leaving £114,000 short of what was they said was required to avoid administration this month.
Despite not reaching the target, all donations made will still go towards running the club and helping with administration costs.
If Caley Thistle does go into administration this week, it will receive an automatic 15 point deduction, which will see the club drop to the bottom of League One.
Inverness will be on -6 points and will be 12 points behind Dumbarton in ninth place with 27 games remaining to play in the regular season.
Interim chairman Scott Young said on Monday that board members are scheduled to meet by the end of this week to discuss any offers that have been made.
He said they will then discuss what is the best way for Inverness Caledonian Thistle to move forward.
Speaking earlier this week, he said: “With regard to the deadline of Wednesday - this date was put in place as the absolute deadline day for any offers of investment or offers to buy the club.
“As a board, we will convene at the end of the week and look at any offers we have received and then decide on the best way forward for the club.”
Meanwhile Inverness Caledonian Thistle Supporters Trust are set to hold an open meeting on Saturday at Bar 94 at the Caledonian Stadium at noon when they will be discussing the financial situation the club is facing and what is next for the club.
Interim chairman Scott Young and interim chief executive officer Charlie Christie are being lined up to speak at the meeting.
