Inverness Caley Thistle exit administration after creditors and club members vote to approve company voluntary agreement (CVA)
Inverness Caledonian Thistle are officially out of administration.
It has been confirmed after joint-administrators BDO held meetings with both creditors and club members to vote on company voluntary agreements (CVA) today, with both groups opting to approve the proposals.
A statement released by BDO confirmed the news, reading: “The joint-administrators are delighted to advise that both meetings approved the CVA. This will allow the club to exit administration and retain its place in League One of the Scottish Football League.
“The club will now operate under the CVA for a short period of time under the management of Alan (Savage) and his team.
“Once the final costs are determined and the relevant dividents paid to creditors then the CVA process will be brought to a close. It is anticipated that this process will conclude in early July 2025.”
James Stephen, BDO partner and one of the joint-administrators, commented: “The joint-administrators would like to thank everyone involved in the process of getting to this point and in particular Alan and his team and the staff at the club.
“We would also like to thank the fans for their patience and support.
“We look forward to the conclusion of the process and seeing the club move forward.”
At a press conference held at the Caledonian Stadium this afternoon, Stephen further elaborated: “What that means is that it effectively brings the administration process to an end. The club will now operate under voluntary arrangement for a period we expect to last for a maximum of 28 days.
“In that period, the club will be controlled and managed by Alan and his team, which again is great news. It allows Alan to start putting plans in place to take the team forward.
“The other conditions attached to Alan’s offer are well-advanced. I don’t envisage any issues there at all. All the loan creditors that total about £3.5 million have signed agreements to write off their debts, which again is great news. We’re very appreciative of that.
“The lease to get the car parks back to the club are well-advanced with the solicitors and the council. We’ve made massive progress in terms of all the seeding of the shares.
“It is fantastic news - I’m hugely appreciative of Alan and all that he has done and wish him every success.
“I look forward to pushing things forward over the next 28 days and seeing the club go on to flourish.”
Stephen also confirmed that there is still a process to go through to satisfy the SPFL, but he hopes that will be completed in the next week allowing Caley Thistle to operate as normal in the transfer market this summer.
Going forward, Savage confirmed that he will take on the mantle of being chairman, and revealed there are significant plans in place to bring more money into the club quickly.
He said: "My job is to make sure that we've got funds available. We have recently agreed a sponsorship for the stadium naming rights for the next three years with Sarens PSG – a company from Invergordon that operates in Aberdeen – we have got a big company coming in to do advertising, so we're getting revenue in already.
"We've been promised by lots of companies that once we get out of administration, they would put their hands in their pockets, so I'm looking forward to seeing that happen.
"I think people want to see the club free of all the things that have been happening in previous regimes. All credit to them, they have tried to make money for the club, and I won't criticise that at all.
"We want to wipe the slate clean, but I think people are seeing that the club now is going to be a football club with good intentions.
"Nessie and Nessa, the mascots, are being made in Manchester as we speak, and we're going to try to bring a better experience to the stadium. We're looking at having a cafeteria here, starting the North Coast 500 here, starting a park and ride scheme to the castle, and having a mini Ironworks by putting a stage out the back of the North Stand.
"Every aspect of what we do is about the community now, and trying to get back into the Championship by playing good football."
Savage also outlined his plans to put a board in place that meets quarterly, including ICT Supporters’ Trust chairman George Moodie.
With investments also being made in the Caledonian Stadium, Savage has also reaffirmed his commitment to the ground after previously hinting that he may look to move the club elsewhere in the Highland capital.
