A New Dawn for Inverness Caledonian Thistle
Inverness Caledonian Thistle, the financially-stricken football club, is hopeful of a bright new dawn after incoming advisor Alan Savage secured agreement to wipe out more than £3 million in historic debts. This groundbreaking agreement removes a massive burden on the club and paves the way for new ownership and investment.
Inverness Caledonian Thistle stadium
Savage, the club’s former chairman, held an emergency meeting with individuals and firms that had previously given loans to the club. During it, he secured agreement from every one of them to either write off the money they were owed or convert the debt into shares in the club. By far the most significant gesture came from previous chairman Ross Morrison who pledged to waive a massive sum of around £2.1 million owed to him in loans.
I think the club has won a watch.
— Alan Savage
On a hugely significant day for the troubled 30-year-old outfit, Savage revealed that Sir Alex Ferguson was among those offering to help, having got in touch to urge Caley Thistle to stick by manager Duncan Ferguson. But the Orion owner’s biggest breakthrough seems to be beginning the process of restoring goodwill, trust and backing from within the local business community, as well as other creditors.
Sir Alex Ferguson
One, strip manufacturer Puma, have also cut a deal to release the club from a six-figure commitment made for the next four years under past chief executive Scot Gardiner. It was also clear that major figures in the club’s past, such as ex-chairmen Dougie McGillivray and David Sutherland, among many others, had rallied in the club’s hour of need.
Savage said: A lot of people know about the club lacking communication with the fans and all of the stakeholders in the club. I was brought in a week ago by Panos (Thomas), the acting chairman, to try and help him out and bring some clarity to matters.
Alan Savage
Top stories
- Inverness Caledonian Thistle set to hold talks with Portuguese investors
- WATCH: ‘Massive burden’ removed from Inverness Caledonian Thistle as £3 million of debts wiped out
- Police confirm one person has died after being struck by a train near Dingwall
- Police are concerned for welfare of woman in Nairn
Caley Thistle needed to achieve a clear understanding of the depth of their financial woes and remove debts to make the club more appealing to potential buyers or investors. It is understood talks will now begin with several interested parties, with Savage and his representatives set to meet Portuguese interests on Monday next week.
Inverness Caledonian Thistle players
Under controversial past chief executive Mr Gardiner, now replaced by Charlie Christie, it is claimed relations with the local business community and a great many club stakeholders, had soured beyond repair. What was clear today was that there had already been a huge upswell in goodwill and offers of help.
Mr Savage said: Tomatin Distillery’s Stephen Bremner has said he will do commemorative bottles of whisky to mark 30 years of the club’s existence, paying us £50k up front before he has even sold them. People like Dougie and Iain MacGillivray of Weldex and Donnie from D&E Coaches are on board to help. A lot of people have pledged to help the club going forward.
I think people realise what I’m trying to do. They’re buying into it - and we will be paying people this week. It is coming out of my own pocket.
— Alan Savage
But hopefully Dougie and Iain MacGillivray will have Weldex signs all over the stadium and we’ll get some initiatives that they have promised to help us out with.
Inverness Caledonian Thistle stadium at night
The mission is to win our next game and get promotion. Once I’ve got the club in complete order and we’re happy with it, we’re going to go out to the market and look to sell the club. We want to have an open and honest relationship with the fans, all the stakeholders, and get rid of this cloud that has been hanging over the club.
Singling Ross Morrison out for special praise, Savage said: It is all straightened out and he couldn’t be more cooperative. I thank Ross - he did us a good turn today.
Ross Morrison
I think people realise what I’m trying to do. They’re buying into it - and we will be paying people this week. It is coming out of my own pocket. But hopefully Dougie and Iain MacGillivray will have Weldex signs all over the stadium and we’ll get some initiatives that they have promised to help us out with.
Inverness Caledonian Thistle fans
The future is looking bright for Inverness Caledonian Thistle, and with the support of the local community and the help of Sir Alex Ferguson, the club is ready to take on the challenges ahead.
