Inverness Caledonian Thistle have scrapped a takeover plan and brought in former chairman Alan Savage in a bid to turn around their financial fortunes.
Scot Gardiner has left his role as chief executive of the Highland club, whose financial position has deteriorated further after they were relegated from the William Hill Championship.
Savage was chairman of Caley Thistle between 2006 and 2008, when the club were in the top flight. He is the founder and chairman of the Orion Group, an engineering recruitment firm.
The move spells the end of a proposed takeover led by English-based Seventy7 Ventures, a company founded by Ketan Makwana which had an offer accepted late last month.
A statement from Inverness interim chairman Panos Thomas said: “After months of uncertainty surrounding the future of Inverness Caledonian Thistle Football Club, the board of directors have appointed local businessman Alan Savage to take charge of the struggling Highland Club to put the team in a firm financial position.
“Working alongside the club’s board of directors, Savage has taken the initiative to oversee the organisational restructure of the club as they seek to remedy their financial issues, with chief executive officer Scot Gardiner leaving his role with immediate effect.
“The club have also suspended negotiations with Seventy7 Ventures, who had been seeking to acquire a majority shareholding, with Savage beginning immediate work carrying out an internal forensic review of the club’s financial position to establish plans for the club’s future and setting the team into a viable position for new ownership.
Read more:
- Former Celtic star announced as Match of the Day pundit for new season
- Motherwell sign ex-Celtic striker Tony Watt on a season-long loan
“Savage and the board are now looking to rejuvenate the connection between Inverness Caley Thistle and the community which will be integral to the long-term future of the club and are seeking support from local businesses to address the immediate financial shortfall until further long-term investment can be secured.
“The club are now working with Scottish sports marketing agency GRM Marketing to engage with a number of investment leads and commercially drive the club forward.
“Inverness Caley Thistle is hopeful that the community will once again rally around the team and come together to support the new foundations being established.”
The development comes after it emerged that two Premiership clubs had complained to the SPFL over unpaid loan fees from Caley Thistle.
Highland rivals Ross County are due money from Alex Samuel’s spell at the club last season, while Dundee are awaiting payment for the temporary transfer of Cammy Kerr.
Inverness are also struggling on the pitch as well as off it. Duncan Ferguson’s side have taken a point from their opening two League One games and only won one of their four Premier Sports Cup group games.
