Caley Thistle have reported a loss of £588,053 before tax for the year ended 30 May 2023.
Inverness’ accounts, which were a month overdue, have now been published on Companies House and show a six-figure loss.
Caley Thistle suffered relegation to League One last season, and have also seen the collapse of projects to raise fresh investment in recent months.
Caley Thistle also lost out on a contract with Statkraft, after the two parties failed to agree on a deal for the Norwegian renewables company to operate a park and ride scheme at the Caledonian Stadium’s north car park during construction of a Loch Ness hydro scheme.
Directors ‘in dialogue with interested parties’
In the accounting report, Caley Thistle say they have undertaken cost restructuring in an attempt to secure the company’s financial viability and ensure it meets its debts as they fall due.
Inverness also say talks to secure fresh investment in the short term are ongoing. The club previously stated they would engage with an insolvency practitioner should those efforts fall short.
The report said: “As a result of the relegation of the club to League One and certain financial initiatives not coming to fruition the directors continue to address the financial challenges that the club faces – this has included changes at board and senior management level.
“The directors are currently in dialogue with interested parties who are looking to invest in the future success and financial sustainability of the club by providing permanent equity funding via a share purchase.
“The directors are also enacting a significant cost restructuring project which will provide cost savings to the club while also offering opportunities to improve the club’s future development.
“Notwithstanding the inherent unknown impacts of playing in League One the directors believe they have taken the required actions to ensure the immediate financial stability of the company and continue to monitor its financial position closely. The directors are optimistic that a new investor will be in place within the short term.
“Cash flow forecasts have been prepared by the directors, which recognise the ongoing challenges faced by the company.
“Whilst the forecasts are inherently uncertain, the directors are confident that additional investment, combined with operational costs savings will secure the financial viability of the company and ensure it meets its debts as they fall due.”
Thomas urges supporters to get behind young Caley Jags side
In a club statement, subsequent to the accounts being posted on companies house, director Panos Thomas said: “We are doing everything in our power to find new investment in the club.
“We are actively involved in discussions with a number of interested parties who have the investment required to ensure a sustainable future for the club we all love.
“We ask our supporters to be patient as we work round the clock to find a way forward. We need everyone’s support in buying season tickets and merchandise and getting behind a young team that is brimming with local players eager to make their mark in the game.
“We would like to thank everyone who played for us last season who has left the club. We greatly appreciate their efforts and wish them well with their future careers.
“We now focus wholly on the season ahead with our young squad and all we ask is that our loyal support get behind the team and give them the backing they need.”
Conversation