Highland club Inverness Caledonian Thistle exits administration

Inverness Caledonian Thistle (ICT) is to exit administration after agreements were reached with its creditors.

The Highland club got into difficulty last year after running up large debts.

Joint administrators BDO was appointed in October to oversee its finances, and also find a new buyer.

In an announcement on Thursday, BDO said the agreements would allow ICT to leave administration by early July, and retain its place in League 1.

The move also opens the way for former chairman Alan Savage to eventually take over the club.

The businessman made an offer earlier this year to buy the club for £800,000, if certain conditions were met including ICT leaving administration.

Mr Savage has been funding the club since last year, and has been appointed acting chairman while Inverness exits administration.

Mr Savage told BBC Scotland News the club would seek to strengthen its links with the city.

He said: “The community and club have grown apart for whatever reasons.

“We are going to try and bring it back together.”

Mr Savage also said the money ICT spent to win the Scottish Cup 10 years ago was one of the reasons it got into difficulty financially.

Inverness beat Falkirk to lift its first major trophy.

Mr Savage said: “In my opinion the football club bought the cup – they paid players way above what the club could afford.

“They won the cup, which was fantastic, but the legacy of it has caused the club problems.”

Mr Savage said he and his team had “good ideas” to help ICT raise more revenue.

Proposals for the stadium include a new café, hosting live music and offering park and ride into the city centre.

Match day experiences are to be enhanced, and more young people are to be encouraged to come to games.

Mr Savage said a new club mascot was in the process of being made.

He added: “We’re trying to put some innovation in, but trying to be sensible and not take any risks.”

ICT’s youth academy is to have greater importance to the playing squad, while from 16 June the club is to start signing new players.

Players to come through Inverness’ youth system in the past include Scotland midfielder Ryan Christie.

BDO said Mr Savage and his team would oversee the running of the club through to the end of the administrative process in July.

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.”

The aim of the administrative process was to rescue the club.

But the move did mean ICT incurring a 15-point deduction as punishment from the Scottish Professional Football League (SPFL) for its financial problems.

The loss of points left ICT facing potential relegation from League 1.

But the team managed to rise up the table to seventh place and seven points clear of the relegation play-off spot.

ICT will start the new season on minus five points as a further penalty for entering administration last year.