Caley Thistle outline their precarious financial position – as Kelty training plan abandoned

Inverness have released a statement confirming their next steps following the resignation of chairman Ross Morrison.

By Andy Skinner

June 5 2024, 3:03 pm

The Caledonian Stadium, Inverness. Image: SNS

Caley Thistle have released a statement outlining their precarious financial position.

The club, who were relegated to League One last season, have confirmed they are seeking fresh investment, which they remain hopeful of securing.

However, Inverness say they will approach an insolvency practitioner to advise on how to proceed should they fail to do so.

Inverness’ statement also appears to indicate their much-maligned arrangement to move their training base to Kelty Hearts’ New Central Park has been scrapped – with training to resume at their Fort George site.

The Caledonian Stadium, Inverness. — Caledonian Stadium. Image: SNS.

Caley Thistle earlier this week lost out on a seven-figure contract with Statkraft, after the two parties failed to agree on a deal for the Norwegian company to operate a park and ride scheme at the Caledonian Stadium’s north car park during construction of a Loch Ness hydro scheme.

Chairman Ross Morrison subsequently stepped down from his position and tendered his resignation from the board.

Caley Thistle chairman Ross Morrison. Image: SNS.

Inverness’ remaining directors held an emergency board meeting on Monday, before reconvening 24 hours later.

Club ‘remain hopeful of finding new investor or new owners’

In a statement, the club said: “The Board of Directors are in discussions with potential new investors into the club and remain hopeful of finding a new investor or new owners.

“However, in the circumstances we currently find ourselves in following the loss of the Statkraft contract at Caledonian Stadium which was worth seven figures to the club and given the new financial position of the club, it is also prudent to approach a suitably qualified insolvency practitioner to advise on how we may proceed should our efforts to find new investment fall short.

“For clarity, on the football front, we have decided to remain training at Fort George for the foreseeable future.”

Caley Thistle’s accounts, for the year ended 30 May 2023, were due on Friday but have yet to be lodged with companies house.

At a packed ICTFC Supporters’ Trust meeting at Caley Thistle social club last week, the overwhelming call from fans was for a show of support for the club to consider administration as an option and for fans to protest against the move to Fife.

Manager Duncan Ferguson currently has nine first-team players signed up for next season.

They are captain and club record-scorer Billy Mckay and fellow forward Adam Brooks, defenders Danny Devine, Nikola Ujdur, Remi Savage, Lewis Nicolson and Jake Davidson, and midfielders Charlie Gilmour and Luis Longstaff.