Shneckie Caley Thistle

[Reekie_Red]

Beeb saying ICT are two weeks away from insolvency and are trying to crowd-fund £200k in two weeks. They need to find an investor who can inject £1.6M to save the club, or face points deductions or pote tally dropping into the Highland League. 

I'm in two minds. Whilst I hate seeing a fellow northern club struggling like this, ICT have never really hit their strides since their formation. Yes theyve won the Scottish Cup. But theyve never been a huge hit - Caledonian and Inverness Thistle fans didn't like the merger, and let's face it they've always struggled for numbers 

[Jute]

They would only be kicked out of league if they were liquidated. Administration is only a 15 point deduction this season then 5 points next. 
 

Looks a complete shit show at Inverness and blame seems to lie firmly at feet of Scott Gardiner who seems to have a track record of making a cunt of things. 

[BigAl]

As someone that stayed in Inverness for eleven years, it is very sad to see them in this predicament and hope they can find a way through it. As Reekie says, too many folk against the merger from the outset added to far too many glory seeking fans of the arse cheeks in Inverness.

Amazing that Ross County from a little place with a fraction of the population of Inverness are the ones that have prospered in league football. Got to say, like him or loath him, Roy McGregor certainly runs a tight ship. 

[tom_widdows]

1 hour ago, BigAl said:

As someone that stayed in Inverness for eleven years, it is very sad to see them in this predicament and hope they can find a way through it. As Reekie says, too many folk against the merger from the outset added to far too many glory seeking fans of the arse cheeks in Inverness.

Amazing that Ross County from a little place with a fraction of the population of Inverness are the ones that have prospered in league football. Got to say, like him or loath him, Roy McGregor certainly runs a tight ship. 

Ross County isnt just Dingwall.

Allness, Invergordon. Maryburgh, Conon Bridge, Strathpeffer, Tain, Beauly all close buy and they get people travelling from the West Coast.

Theres aporox 30000 people in around Dingwall north of the kessock bridge

Also Ross County send out (or at least used to) coaches to local schools (East and West Coast highlands) to run after evening training sessions so build relationships with kids from a young age.

Be interested to know if Caley did anything similar in Moray etc as they never bothered with my area back in the 90s

[BigAl]

20 minutes ago, tom_widdows said:

Ross County isnt just Dingwall.

Allness, Invergordon. Maryburgh, Conon Bridge, Strathpeffer, Tain, Beauly all close buy and they get people travelling from the West Coast.

Theres aporox 30000 people in around Dingwall north of the kessock bridge

Also Ross County send out (or at least used to) coaches to local schools (East and West Coast highlands) to run after evening training sessions so build relationships with kids from a young age.

Be interested to know if Caley did anything similar in Moray etc as they never bothered with my area back in the 90s

Absolutely spot on Tom regarding the catchment area and folk do travel from all over the Highlands to watch them.

Kind of backs up the point about McGregor and his stewardship of the club and how they have managed to create a community feel to it all 

[BigAl]

Fucking hell this makes grim reading for ICT

 

Interim Chairman Panos Thomas has written to all shareholders with the following update on the club’s financial position

Dear Shareholders,

Update on the financial position of Inverness Thistle and Caledonian FC Ltd (“the club”)

As interim Chairman of the Club and with the support of all the Board Directors, I am writing to all shareholders to advise and update you on the troubled financial position of the Club currently.

We are acutely conscious of the fact that as shareholders, you are the owners of the club and require and expect to be kept regularly informed as to the health of the business, and the more so just now, given additional financial struggles, following relegation to Division 1 last May. I do hope that you will have observed that we have given greater focus on openness and transparency over the last few months as we, as directors, strive to tackle these financial challenges.

Actions in August and September

By August of this year, it became clear to the Board that the Club’s financial position, which had been precarious for some years in all honesty, had become perilous. The 2023 accounts lodged late at Companies House revealed a loss of nearly £600k for the 2022/2023 season and as the auditors were preparing to commence the audit for season 2023/2024, where the anticipated loss is expected to rise to £1.2m, serious question marks were highlighted, regarding the club’s solvency and ability to continue to trade.

Strenuous attempts had been made by the Board to attract an inward investor and we did seriously consider an approach from 77 Ventures (Ketan Makwana), on which there has been much public comment. However, we suspended these discussions when it became clear that the gap between buyer expectations and seller ability to deliver was unlikely ever to be bridged. We remain open to consider any other credible offer of investment, even at this late stage.

At that point, and following meetings with many of the major shareholders who we considered might be able to assist the club and be willing to “ride (again) to the rescue”, the Board accepted a generous proposal from Alan Savage of Orion, who alone came forward and offered to undertake 2 key tasks:

1) to act as a business Consultant to the club, in order to carry out an urgent, intensive forensic appraisal and report (after 6 weeks) on the club’s financial position. Alan scrutinised the day to day running of the club, the financial projections, held discussions with current directors and staff, met with former directors with substantial loans outstanding, spoke with trade creditors and assessed what could be done to fast track an increase in commercial revenue and generally encourage more support and engagement from the club’s key stakeholders.

2) against the current perilous financial backdrop, and to provide time for this financial analysis to take place in an orderly way, he also offered a substantial financial lifeline to the club, affording it temporary solvency status, to allow us to continue to trade. To date that support from Alan has reached £350,000.

It goes without saying and the Board wish to place on record that we are all hugely grateful to Alan for having made these 2 commitments.

The club now has the benefit of his detailed report and conclusions, which we wish to share with you all and have summarised this below.

Conclusions from the Financial Appraisal

- Loss of £1.2m for the 2023/2024 season

- Predicted loss in the current season of £1.2m based on current projections. This does not account for additional expenditure that will also have to be incurred in restructuring the club as a first division business.

- Trade creditors (including HMRC) stood at £600,000 early in August. This includes monies due for a contract with the kit supplier, where the club is committed to a spend of £125,000 per season for the next 3 seasons and a provision against litigation threatened by the club’s former CEO that could, if the club’s case was unsuccessful, cost £170,000 +.

- Former Directors Loans currently stand at £3.425 million, which would cause the Balance sheet to stand at negative £3.8 million by May 2025.

- A huge injection of cash is urgently required in the short term to keep the Club afloat. The amount that is estimated to be required to get to the end of this season (in terms of cash requirement, potential claims and backlog creditors) is in the region of £1.4 – £1.6 million. This figure assumes a second place finish in the league and excludes the sum of £350k already paid into the club by Alan Savage. In the past there have been numerous sources of this type of philanthropic support, whereas at present, despite efforts by the Board, it has thus far been Alan alone who has provided temporary funding to stave off insolvency.

- The latest cashflow projections predict that at least £200,000 will be needed by the end of October.

- Battery Farm: the club still hopes to benefit from a positive planning decision on the proposed Battery Farm. Angus MacDonald, the local MP was contacted and he is going to ask the Reporter in Edinburgh to expedite his decision on the Battery Farm Planning Application that was rejected by HRC. If the Battery Farm went ahead, it has been anticipated that the Club would receive £3.4 million less expenses from the Battery Farm Company, the club’s shares in which had been bought by David Cameron, Allan Munro and Ross Morrison, in order to provide monies to run the club to the end of last season. This may provide a way out of the club’s financial difficulties.

Land surrounding the Stadium extending to 7/8 acres approx. It had been hoped that this land might be re-conveyed to the club by the current leaseholders, Inverness Caledonian Thistle Properties Ltd. No deal has yet been struck though, although the club remains optimistic that a deal might still happen. If the lease of this land could be reconveyed to the club by ICTPL, it would better secure the club’s long-term future by ending the unease of having the 2 car parks subject to a 6 month break option, which could potentially see the club lose this vital land. It would also allow the club to use the remainder of the land to try to generate much needed commercial income, a fact which has been remarked upon by our auditors.

Other actions which the Board have taken

In the light of the current challenges for the club, the Board felt it necessary and procedurally correct to open discussions with the SPFL and we did so on Friday 20th September. Unsurprisingly, they had already had some awareness of our difficulties.

Discussions with Scotland’s leading football administrator has also taken place, after which the Board determined that it was duty bound to investigate what the administration process would entail, if that was to be initiated in a final attempt to avoid liquidation of the club. Subsequent discussions have been opened with an Administrator experienced in dealing with Administrations for Scottish Football Clubs.

Suggested next steps to save the club

Whilst Alan Savage’s temporary financial lifeline has undoubtedly saved the club from insolvency in the last few months, now that he has reported in depth to the Board, it would be unrealistic to expect that lifeline to continue. A decision as to the future path of the club must be made in the next few weeks and certainly by end October at the latest.

As a club Board, it is incumbent on us to formally report this to you, the shareholders, as we have done above, seek your views and any suggestions to save the club, that may not have come to the fore over the last few months, and then act appropriately, in accordance with our statutory duties as directors.

What no Balance Sheet or financial analysis recognises, of course, is that the club’s most valuable asset is its fan base. They provide the life blood for the club and we recognised that we should also make further steps through the Supporters Trust and publicly, to appeal to them to help the club to survive.

We need to accept the reality of the situation that with debt by May 2025 likely to be £1.4 – £1.6 million (to cover cash loss, potential claims and back log creditors) and a balance sheet standing at negative £3.8 million by the financial year end in May 2025, finding a credible buyer is highly aspirational.

However, a former Chairman has expressed the opinion within the last week, that he feels confident that Administration could be avoided, if the Board reached out to former Directors and major Shareholders to see what amount of money could be raised quickly to save the Club. Whilst we have already done just that, and on more than one occasion, nonetheless, and in line with this request, the Board are reaching out once again, and by virtue of this letter, to all shareholders, to former Directors, fans and all Stakeholders, to ascertain if it is still possible to raise money of the levels indicated above.

We are also proposing the following actions, recognising that time is of the essence:

1) we intend to set up a Crowdfunding Page, where pledges of cash can be made to a ‘Save ICT Fund”

Unless the Appeal can raise £200k immediately, and certainly by Wednesday, 16th October, then Administration is inevitable, because the Club would be insolvent.

2) any innovative ideas for raising substantial funding, that might have been overlooked by us as a Board, can be e mailed to us at panos.thomas@ictfc.co.uk

3) We propose to have an open meeting of shareholders, fans and stakeholders in the Highlander Suite at the Club, at Stadium Road, to be held at 7.30pm on Monday, 7th October. We encourage as many as can attend to please come along and share your thoughts with us.

As interim Chairman, please be assured that I will respond frankly to your questions, as will Alan Savage, whose Financial Appraisal has done so much to give clarity to the huge challenges facing us as a Board.

Conclusion

It is a matter of considerable regret that, as interim Chairman, I have had to write to you in these terms, but you need to be fully aware of matters as they stand currently and with support of the Board, shareholders, fans and stakeholders, rest assured that we will continue to work assiduously and explore every avenue in an attempt to restore the club to a financial equilibrium that will ensure its future for years to come.

I hope to meet with as many of you as possible at the upcoming open meeting.

With very best wishes,

Panos Thomas

Interim Chairman

[Reekie_Red]

11 hours ago, BigAl said:

As someone that stayed in Inverness for eleven years, it is very sad to see them in this predicament and hope they can find a way through it. As Reekie says, too many folk against the merger from the outset added to far too many glory seeking fans of the arse cheeks in Inverness.

I was in Inverness about a year ago, my missus' parents live there and we were over for a wedding in Tain. Pussed ne off the amount of Huns and Tims wandering around. Didn't help that none of the local sports shops were selling ICT or County tops, but had racks and racks of In Firm clothing 

[tom_widdows]

1 hour ago, Reekie_Red said:

I was in Inverness about a year ago, my missus' parents live there and we were over for a wedding in Tain. Pussed ne off the amount of Huns and Tims wandering around. Didn't help that none of the local sports shops were selling ICT or County tops, but had racks and racks of In Firm clothing 

That seems to be the norm now.
Gone are the days where you would see Dons, Aranb, Hearts, even Falkirk tops in the likes of Inverness Intersport.
My first ever Aberdeen Kit (JVC top) was bought by my Grandmother in London in the late 80s!
The only sports shop ive seen selling non old firm/ english premiership/ real madrid tops is Greaves sports near Glasgow Central who had the Partick Thistle kit.

If you want your clubs merchandise its through club shops only now.

Had to check what sort of 'battery farm' they are trying to build. Thankfully its not one for torturing animals

Edited October 3 by tom_widdows

[Reekie_Red]

Which is crazy, Tom. Cos in JD Sports in New Zealand, I can buy a Hearts top!!! 

[tom_widdows]

22 minutes ago, Reekie_Red said:

Which is crazy, Tom. Cos in JD Sports in New Zealand, I can buy a Hearts top!!! 

Anyone in the fashion/ modeling industry care to explain that choice of pose for selling a football top?

[Reekie_Red]

I bet he's actually a Spurs fan but can't really say why and can't name a single player 

[Jute]

Looking very like it’s administration for ICT.

https://www.pressandjournal.co.uk/fp/sport/football/inverness-caledonian-thistle/6598654/caley-thistle-investors-meeting/

[RicoS321]

48 minutes ago, Jute said:

Looking very like it’s administration for ICT.

https://www.pressandjournal.co.uk/fp/sport/football/inverness-caledonian-thistle/6598654/caley-thistle-investors-meeting/

I'm assuming the BBC will be camped out to tell us the latest...

[BigAl]

Announced that ICT have officially entered administration.

Not keen on seeing any club going down the tubes, well.apart from one fairly obvious exception 

Hope they find a way to come back 

[manc_don]

It’s all a bit of a mess. What happens to the cash they raised through crowd funding? Refunded or are they sunk costs?

[BigAl]

25 minutes ago, manc_don said:

It’s all a bit of a mess. What happens to the cash they raised through crowd funding? Refunded or are they sunk costs?

Yeah, pretty sure that they asked for donations on that basis mate 

[Elgindon]

Thats a shame.Not one of my favourite grounds to watch fitba,but Inverness is always good for a visit. Punched well above their weight for long spells,but there doesnt seem to be enough local interest to sustain that? Can only see them bouncing about the League 1 /Championship areas longer term,...if they come back from this

[Reekie_Red]

Looks like they only managed to raise £78k of their £200k target. Those funds are confirmed as going towards running the club whilst in administration, and won't go towards professional fees. 

Difficult times indeed, particularly as Duncan Ferguson had apparently been working for free for a while 

Club has been docked 15pts and are now bottom of League One on -3 pts 

[tlg1903]

On 03/10/2024 at 08:42, BigAl said:

As someone that stayed in Inverness for eleven years, it is very sad to see them in this predicament and hope they can find a way through it. As Reekie says, too many folk against the merger from the outset added to far too many glory seeking fans of the arse cheeks in Inverness.

Amazing that Ross County from a little place with a fraction of the population of Inverness are the ones that have prospered in league football. Got to say, like him or loath him, Roy McGregor certainly runs a tight ship. 

My memory of it was most folks got on board with the merger and it was really just late teens/early twenties mob that took a hissy fit.  The thing is though I wouldn't say the new club lost any fans to the cheeks over it.  The vast majority of people that followed either thistle or caley supported one of the cheeks anyway (probably a 60/40 split in favour of der hun) and it's biggest problem has always been they have been seen as a second team/soft spot for them as they are the local team but I have a true love (that's me btw, I used to go a fair bit in the early days at Telford street) by Invernesian football fans.  More kids are growing up Inverness fans these days 2bf but not enough to make a noticeable difference sadly. What's happening now will not be helping either, the club is totally fucked best I can tell and at the very least will have to go PT again assuming they can avoid liquidation. Sadly Inverness have made poor decisions all throughout their history starting with where the put the stadium.  There were other options that would have been far more sheltered and I think more people would have gone/go to games if they weren't going to be freezing their nuts off next to the Moray firth. 

Dingwall might be much smaller than the schneck but County have everything north of Dingwall as a catchment area and shit ton more history to boot. I used to travel around the highlands with work a lot and would be visiting 5-6 homes a day.  Most folks I met that liked football would follow the cheeks or Aberdeen but for those that didn't county was usually the team they followed these days.  Basically people have been travelling down from the likes of caithness, sutherland, skye etc to watch county since they moved to the senior league setup.  Previously to see league football they would have had to travel to Aberdeen or Perth which would be a 10 hour round trip give or take. Also, Roy McGregor is a grade A cunt but does indeed run a tight ship. 

Edited October 23 by tlg1903

[scotfree]

That looks like Dumbarton is in administration as well. Kind of get the feeling that they will not be the last. 

 

https://www.bbc.com/sport/football/articles/cn8ld8z1nv8o