Alan Savage is urging the final 5% of Caley Thistle shareholders to give him the green light to save the administration-hit club.
Inverness’ prospective buyer is calling for all shareholders to agree to his £800,000 offer for the club before a decisive company voluntary arrangement (CVA) meeting of creditors takes place on May 22.
Two months ago, Savage – who has already injected £1million into ICT over the past season to keep it running – set up a company called FC Inverness, where he wants all 4,000,000 shares transferred as a condition of his takeover offer.
With former directors agreeing to wipe out debts amounting to £3.5million after administration and a deal in place for the club to acquire car parking land around Caledonian Stadium, the final hurdle to survival lies with the remaining shareholders – who have little over a week to decide whether to transfer their stakes.
Savage believes Caley Thistle Supporters’ Trust agreeing to transfer shares to him if the club exit administration was another big step forward.
‘We’re getting close to the finish line’
Orion Group chief Savage, who was previously Caley Thistle chairman from 2006-2008, told The Press and Journal he is encouraged by the faith shown in him by the trust.
He said: “I’m delighted to have received the backing of the supporters’ trust, who have been fully on board with my plans to take the club out of administration and on an upward trajectory again.
“The transfer of the trust’s shareholding demonstrates a real coming together of supporters behind the new era and I look forward to continuing to work with them.
“We’ve now reached 95% backing from shareholders (for his offer) and it shows people are getting right behind the club again.
“We’re getting closer to the finish line, and I’d encourage the few who have yet to sign their forms (for administrators BDO) to do so in order to allow my deal to happen.”
Trust share transfer was key moment
The supporters’ trust, who have 730 members, have a shareholding in the football club with enhanced voting rights of approximately 10%.
A special general trust meeting was held last week, after which a trust statement said: “We are pleased to confirm that the resolution to transfer the trust’s shareholding in the club to FC Inverness Limited was agreed.
“This transfer is subject to the club exiting administration, with the CVA meeting of creditors taking place on May 22.
“A lot of work has clearly gone on behind the scenes to resolve the issues that have prolonged administration, relating to the disparate shareholding, the loans and the ownership of the car parks. We hope that everything comes together on May 22 with the CVA being agreed.
“Credit must go to Alan Savage for funding the club through the difficult administration period and having the confidence to look to buy it.”
Should an exit from administration not be possible, then administrators say it would likely end in Caley Thistle’s liquidation.
Savage added: “We’ve come such a long way in recent months alone, and once we’re in a position to exit administration, we can then start to plan for the short and long-term future.
“We’re looking forward to (manager) Scott Kellacher, with (interim chief executive) Charlie Christie, putting a decent squad together to compete at the top end of League One next year.”
Trust’s decision boosts chances of Caley Thistle surviving liquidation
George Moodie, chairman of the ICT Supporters’ Trust, said he “was grateful for the support members gave to the resolution last week to ensure we continue to have a football club next season.
“The trust has already evidenced how it can positively work with the club and we look forward to continuing that going forward.”
Caley Thistle entered administration last October, with manager Duncan Ferguson axed and replaced by Kellacher, a club employee for more than 20 years from community coach to assistant manager.
His youthful squad bashed through the 15-point deduction which took them to the bottom of League One and they confirmed their place in the third tier with a game to spare this month.
For more Caley Thistle news and updates visit our dedicated page and join our Facebook group.
Conversation