“I would like to move to a preferred bidder stage, to present a company voluntary arrangement proposal to creditors. I would like to see the land situation resolved as part of that.”
Stephen explains that there is a significant funding gap until the end of the season but that the club’s mentor has agreed to fill it financially when Savage sells it again.
The administrator was unable to disclose the amount involved, but he encouraged the local community to come forward to support Savage with current funding.
Caley Thistle, which went into administration in October, have a lease on their Caledonian Stadium home, owned by Inverness Common Good Fund and managed by Highland Council, until 2094.
However, the club is a sub-tenant of 10 acres of land, including the car park, whose main tenant is Inverness Caledonian Thistle Properties (ICTP), controlled by former chairman Ross Morrison and former director David Cameron, who bought it. In 2023.
Stephen said the club was in a vulnerable position with regard to the land because the agreement could be terminated at short notice and the land could therefore be subject to change of use.
After the administration, ICTP offered to sell a significant portion of the land to the club or perspective buyer, but is seeking “financial compensation”.
Although Stephen suggested this was not fatal to the sale, it added a significant cost to any acquisition and he was due to meet Morrisons in January for talks.
Meanwhile, the BDO are pleased that efforts on the field have improved, with Caly Thistle winning four of their last six matches, although they remain second below Dumbarton after both deducted points for going into administration.
Savage said the atmosphere at the club was now “fantastic”, everyone at Caley Thistle had a new lease of life and one player asked to extend his contract last week.
