Rae stands down as chairman of Inverness Caledonian Thistle
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Inverness Caledonian Thistle chairman Graham Rae and director Alan McPhee have resigned from their positions at the club with immediate effect.
The announcement was made on Wednesday morning as the club prepares to hold an EGM next Thursday which is aimed at finding new directors and investment.
Vice-chairman Ross Morrison will take over as chairman of the club with immediate effect. The two other directors Gordon Fyfe and Liam Dalgarno remain on the board.
Rae and McPhee were founding members of the Muirfield Mills Group with nine other members and invested £1.1 million to the club since 2012.
The club released a statement saying the MM Group made clear it is not in a position to invest further in the club and both Rae and McPhee have resigned to make way for new investors and with the best interests of the club at heart.
Rae joined the Board in May 2016 and was appointed chairman in August 2017.
Speaking after his resignation Rae said: “Being the chairman of ICT has been a source of immense satisfaction tempered by the many financial challenges we have faced together while running a football club in the Scottish Championship.
"I am proud to have led the board of directors whose sole motivation has been to do their best for the club and community, while delivering operational and business continuity.
"Together, the board of directors has implemented many changes and improvements, and our collective achievements are considerable.”
McPhee was the longest serving director, having joined in January 2015.
Morrison, who has been appointed as chairman thanked Rae for his tireless commitment to the club during his time on the board and as chairman.
He said: “I respect Graham’s decision, and on behalf of the club, I thank him sincerely for his, professionalism and his significant personal financial investment during his time with the club. My thanks also go to Mr McPhee who has also put in a power of work during his time as a director.”
