Caley Thistle set to exit administration with Alan Savage selected as preferred bidder

Former ICT Chairman Alan Savage is set to takeover the club and help lead the side out of administration before the end of the season.

The businessman has been selected as the preferred bidder by joint administrators BDO, after Savage submitted his offer last month.

It was based on multiple conditions, including receiving 100% shares.

During a media conference earlier today, both he and BDO confirmed the share issue should not be a problem.

The deal is now subject to a Company Voluntary Arrangement (CVA) which, if approved, will see the Club successfully exit administration and continue to operate.

A BDO spokesperson 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 cooperation 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.

"Together with Alan, we will look to firm up timescales in this regard as soon as possible.”

'I couldn't sit back and let ICT fail' - Alan Savage

Speaking earlier today, Mr Savage outlined how he was feeling.

He said: "I'm just happy that the conditions of my offer have been met.

"I'm here now to look after the football club and make sure it can do as well as it possibly can.

"I think it's a relief for everyone that we're not going into liquidation.

"We're going to keep a full-time squad for next season.

"The hard work now starts for Charlie Christie (ICT CEO) and Scott Kellacher (Head Coach) to put a squad together so we can get out of League 1 next year.

"The club is an important part of the community and I couldn't sit back and let it fail."

Inverness were placed into administration last October after running up large debts and relegated to the third tier of Scottish football.