Historic ICT debt written off as Savage gives assurances to auditors

ICTFC consultant Alan Savage has confirmed that historic debt of over £3m at the League 1 club has either been written off - or transferred into equity - ahead of a meeting with auditors.

The news gives Caley Thistle surety as the search for new backers continues, with Mr Savage quick to thank those who have already stepped forward to offer support locally.

In a statement released by ICTFC, Interim Chair Panos Thomas said: “Mr Alan Savage met with key stakeholders for talks as the club takes crucial steps toward dealing with its financial issues.”

“I’m delighted that following lengthy discussions, the club successfully reached an agreement with all stakeholders to change loans to the club to equity in a move that will be a massive step towards securing the club’s financial position.”

Speaking after the meeting, Mr Savage said: ”This is a huge first step towards securing the club’s future. The decisive action taken by the board and stakeholders will enable us to put the club back onto a firm financial footing and I applaud the support they have shown to the club in this moment of need.”

Mr Thomas also expressed his appreciation for ex-chairman Ross Morrison and other stakeholders that have agreed to convert their loans to the club to equity.

Mr Savage added: "If it had gone into the worst possible outcome, then no one would have got paid.

"All stakeholders should now come to the party and it's only taken me a week to get clarity so that people can understand that the club is safe going forward under my control

"It's sorted now - as far as a concern goes - I will make sure nothing happens and I will meet the debts as they come due"

On the pitch, the club remains without a win in the League 1 campaign, and Mr Savage is well-aware of the need to improve on one point from their opening three games.

"We've talked to Duncan (Ferguson) and I've already said that he can buy two players before the close of the transfer window - it's going to be difficult for him

"Charlie (Christie) is going to help him and so is Graeme Bennett - both know a lot of people within Scottish football

"I'm hoping that Roy (MacGregor) over the Bridge will also help us out, while Graeme was also speaking to the owner of Aberdeen recently

"I signed Don (Cowie) when I was formerly chairman so I'm hoping he will do us a favour

"It's good for the North of Scotland if we can all come together"