ICT plea for £200k this month or else administration is 'inevitable'

Inverness Caledonian Thistle have put a plea out asking for £200,000 by the end of the month as without it, they say administration is "inevitable."

In a letter sent out to all shareholders from the club's Interim Chairman Panos Thomas, he states how there are predicated balance sheet losses of £3.8 million by next summer.

It also confirms how former Chairman Alan Savage, who was brought in as a Consultant, has put in £350,000 of his own money since being asked to return to the club earlier this year.

Mr Thomas also said that talks have begun with an Administrator experienced in dealing with Administrations for Scottish Football Clubs.

"Administration is inevitable, because the club would be insolvent"

Part of Mr Thomas' letter includes a "suggested next steps to save the club" section.

He said: "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 emailed 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.

"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."

In August, Caley Thistle released a statement saying a deal was struck which saved them from administration.

However, it appears continued financial struggles are taking their toll.

Despite discussions with potential investor 77 ventures being suspended in the summer, Mr Thomas has outlined that they "remain open to consider any other credible offer of investment, even at this late stage."