New takeover confirmed at ICT with administration exit secured

Inverness Caledonian Thistle have confirmed they will no longer be in administration with businessman Alan Savage set to takeover the club

The Highland side were placed in administration last October following their relegation to the the third tier of Scottish football.

Over recent months, former Chairman Alan Savage has stepped in as a consultant and helped fund Caley Thistle.

A Company Voluntary Arrangement based on Savage's offer was approved, following a creditors meeting earlier today.

A statement on the club's website reads: "The Joint Administrators (JAs) today held the meetings of creditors and members to consider the Company Voluntary Arrangement (CVA) proposals which were based upon the offer for the club submitted by Alan Savage.

"The JAs 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 Leagues.

"The club will now operate under the CVA for a short period of time under the management of Alan and his team.

"Once the final costs are determined and the relevant dividends 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 said:

“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.”