Inverness Caledonian Thistle set to answer the fans at open meeting tonight over club’s future and fears of administration
Board members at Inverness Caledonian Thistle are set to meet with fans tonight to discuss the desperate financial situation the club is facing as it battles to avoid administration.
An open meeting is set to take place at the Caledonian Stadium on Monday night at 7.30pm, where board members are set to answer questions about the club’s attempts to remain solvent.
They also need to raise between £1.4 to £1.6 million to ensure the club can keep going until the end of the season.
Interim chairman Scott Young and financial advisor Alan Savage are both expected to be at the meeting tonight, along with other board members from the club, to answer questions about the current financial situation.
The retired orthopaedic surgeon and tutor specialising in sports and knee injuries, stood down from his position due to a personal family reason.
Young, who is a veterinary surgeon at Crown Vets, took over the position as interim chairman on Thursday.
His conclusions from a financial appraisal he conducted included a loss of £1.2 million for the 2023/24 season.
Trade creditors (Including HMRC) stood at £600,000 early in August. This included monies for a contract with the kit supplier, where the club is committed to a spend of £125,000 per season for the next three seasons.
Former directors loans currently stand at £3.425 million, which would cause the balance sheet to stand at -£3.8 million by May.
The open meeting is set to take place at the Caledonian Stadium at 7.30pm tonight.