Savage appointed preferred bidder at Inverness CT – Daily Business

The future of Inverness Caledonian Thistle appears much brighter with former chairman Alan Savage having been appointed as the preferred bidder for the Scottish League One club.

A deadline for bids last month passed without a breakthrough but talks were revived with up to five interested parties after a breakthrough in negotiations over a £3.5m debt to former directors and issues with shares.

Joint administrators BDO have said those issues and the uncertainties over the property held on sub lease by the club have been resolved and agreements reached in principle.

A further key condition of the purchase is that 100% of the company’s shareholding is transferred to the purchasing vehicle. A number of shareholders have already agreed to this, with BDO writing to all shareholders in the near future.

A Company Voluntary Arrangement (CVA) will now be worked on which would see the club successfully exit administration and continue to operate should it be approved.

Savage, who has been funding the club since last summer to keep it afloat, said: “It would be a real shame – and embarrassment – if Inverness was liquidated.

“It is an important part of the community and I could not let it fail.”

A BDO spokesperson said: “We are delighted to have reached this milestone and would like to place on record our thanks to Alan, the loan creditors, shareholders and everyone at the club for their cooperation and for working so hard to get us to this point.

“Our focus now is on progressing the CVA to ensure a successful exit from administration and secure the future of the club. Together with Alan, we will look to firm up timescales in this regard as soon as possible.”