Caley Thistle have reported losses of more than £800,000 in their latest accounts.
The Inverness club reported a loss before tax of £835,751 for the year ending on 31 May 2022 with a net asset position of £462,497 and liabilities of £1,714,997.
An independent audit report stated that “a material uncertainty exists that may cast significant doubt over the company’s ability to continue as a going concern.”
But the ICT accounts say the club’s directors “have taken the required actions to ensure the long-term financial stability of the company and continue to monitor its financial position.”
The directors are said to take confidence from two projects with “significant value” for the club.
The report says: “Giving the directors confidence is the fact the club has contracted with our partners Intelligent Land Investments Group on the Loch Ness Hydro Pump project and is also awaiting a planning decision on the ICT Battery Farm application.
“Both projects have significant value for the club and are both out with the exciting classification of the Caledonian Stadium within the Inverness Tax Site section of the new Green Freeport. The latter having huge potential for the development of our site.”
It added: “Forecasts prepared by the directors for the season to May 2024, which recognise the ongoing challenges faced by the company in respect of rising costs and rely on certain factors and assumptions, indicate that the company can meet its liabilities as they fall due over the next 12 months.
“These projections are reliant on new income streams and to support annual revenue shortfalls and football operating losses.”
Caley Thistle, who missed out on promotion to the top flight in the play-off final last season, sit seventh in the Championship.
