Inverness Caley Thistle administrators BDO re-open talks with handful of interested parties in wake of agreement to write off loans and return shares
Inverness Caledonian Thistle’s joint-administrators BDO have confirmed that they have re-opened talks with “four to five” parties interested in buying the football club.
BDO last week said that no offers had been received to buy Caley Thistle by their deadline of early March, leading to fears that liquidation would be a real possibility at the end of the season.
They outlined three stumbling blocks that were putting off potential suitors: the level of debts owed to former directors, difficulty in buying enough shares to agree to a Company Voluntary Arrangement, and lack of certainty regarding the future of land around the Caledonian Stadium.
That prompted an unprecedented meeting between key stakeholders, including current advisors Alan Savage, Allan Mackenzie and former board members Ross Morrison, David Cameron and Allan Munro.
It was reported afterwards that an agreement had been found on “sensible” solutions to some of those stumbling blocks, with no further detail provided at the time, which would allow the joint-administrators to have a much better sales pitch to interested parties.
BDO have now confirmed that loans have been written off and shares returned to the club, assuming a buyer can be found, and talks have re-opened with potential buyers.
The statement reads: “The joint-administrators of Inverness Caledonian Thistle can confirm that a positive meeting with loan creditors, major shareholders and a former director of the club has taken place, resulting in heads of terms being agreed to facilitate the writing off of loans and the return of shares to the club.
“This is conditional upon achieving a successful exit from administration and the club continuing to operate.
“The BDO administrators have spent time re-engaging with a number of interested parties and are pleased to advise that discussions are ongoing with four to five parties regarding an offer for the club. This process will continue throughout April.
“The administrators are delighted with these developments and are appreciative of the position taken by the loan creditors and major shareholders.”
