Inverness Caledonian Thistle FC has taken a significant step towards exiting administration, after former chairman Alan Savage was officially named the preferred bidder to take over the club.
Savage, who has already been supporting the club financially throughout the current season, was previously brought on board as a consultant. His involvement marked the beginning of efforts to stabilise the club’s finances and address mounting debts.
BDO, the joint administrators, confirmed that Savage’s bid had overcome key obstacles, including the resolution of concerns around existing shareholder arrangements and the write-off of loans. A Company Voluntary Arrangement (CVA) is now seen as the most likely route to securing the club’s long-term future.
“A further key condition of the purchase is that 100% of the company’s shareholding is transferred to the purchasing vehicle,” a statement from the administrators read. “A number of shareholders have already agreed to this, and the joint administrators will be writing to all shareholders shortly.”
The next stage will involve finalising the CVA proposal, which, if approved, will allow the club to exit administration and continue competing in the Scottish leagues.
A spokesperson for BDO said: “We are delighted to have reached this milestone and would like to place on record our thanks to Alan, the loan creditors, shareholders and everyone at the club for their co-operation and for working so hard to get us to this point.
“Our focus now is on progressing the CVA to ensure a successful exit from administration and secure the future of the club.”
The bid deadline passed last month without a deal, but negotiations continued after progress was made regarding the club’s £3.5m debt to former directors and clarity was achieved on the legal status of land surrounding the stadium.
Savage’s involvement signals a hopeful turning point for Caley Thistle, which has been facing considerable financial and operational uncertainty in recent months.
