Five months after entering administration, Inverness Caledonian Thistle remains without a buyer, as administrators confirm no formal offers have been received for the club.
The Scottish League 1 side appointed BDO as administrators last October after financial struggles left them unable to meet their obligations.
Since then, cost-cutting measures have been implemented, including staff and player departures, in an effort to make the club more financially viable for potential investors.
Despite these efforts, a deadline for purchase offers passed nearly two weeks ago without a single bid.
According to BDO, the club’s existing debts, amounting to approximately £3.5 million, have been a significant deterrent for prospective buyers, raising concerns that a sale may not be achievable.
In a statement released on Monday, the administrators outlined three major obstacles preventing a sale.
Firstly, the existing loan structure poses a challenge, as any deal would require approval through a Company Voluntary Arrangement (CVA), which mandates at least 75% creditor approval.
Several loan creditors hold stakes large enough to potentially block any such proposal, making negotiations difficult.
Additionally, the fragmented nature of the club’s shareholding has complicated efforts for a prospective owner to secure adequate control.
Lastly, ongoing uncertainty surrounding the ownership of land around the stadium has further deterred interested parties from committing to a deal.
BDO has reiterated its commitment to resolving these issues in hopes of facilitating a sale.
In a bid to keep the club afloat, former chairman Alan Savage has been approached for continued financial support.
Savage, who took charge of the club last year, has already invested substantial personal funds to stave off insolvency.
His financial backing until the end of the current season is expected to reach £1 million.
Additionally, he has expressed willingness to contribute 25% of the club’s funding over the next two seasons, along with covering a quarter of the costs associated with a new owner’s takeover.
A spokesperson for BDO acknowledged the disappointment this update may bring to players, fans, and the local community.
“We appreciate that this latest update will be disappointing for players, fans and the wider community.
“Given what has been achieved both on and off the pitch throughout the Administration period, we would very much like to see a sale of the club to ensure that its future is secured and we would encourage all parties to cooperate in this endeavour.
“We are grateful for Alan Savage’s ongoing financial support and would urge any interested parties to come forward with a view to acquire the club.
“The JA’s would welcome the opportunity to discuss and provide a guide in respect of an acceptable price.”
