Inverness Caledonian Thistle raise £250,000 to help cash flow problems
INVERNESS Caledonian Thistle have been pledged £250,000 to help solve a £500,000 hole in its cash flow as the club battles its financial problems.
Chairman Ross Morrison revealed it has raised 50 per cent of money it required after a result of the club's EGM which was held last week.
And he is confident that the club is making positive moves to find the other £250,000 to fill the cash flow hole.
He revealed the figures at the club’s public meeting tonight to give supporters information which was given to shareholders at the EGM held at the Caledonian Stadium last Thursday.
At the public meeting at the Caley Thistle Social Club, Morrison said that the football club was in good health but that cash flow was an issue and that they required more support to resolve the problem.
“AN EGM was needed as the club was going towards a cliff edge and we had to stop it happening before it got to that,” he said.
“It was to pull people out who said before they would help the club.
“If you look at football clubs, we are in good health, we have our own stadium and we have very little debt. All soft loans that haven't been written off are being written off
“But what we have is a big hole in our cash flow.
"We have about £500,000 that we need to fill which was identified about six or seven weeks ago.
“We held the EGM to include everyone and get the money together.
“I have been pledged £250,000 and we are well on our way to getting the other £250,000 and I’m really confident of getting there.
“But it is not there yet, the club needs more support, we need more people through turnstiles.
“It’s not all doom and gloom, but cash flow is bad at the present moment and we need people to come in with donations and sponsorship and get support in the community.
“But it is a better situation now before the EGM.”
It was revealed last week the club was facing a projected annual loss of up to £872,000 up to the end of May.