Inverness Caley Thistle’s League One rivals Dumbarton see deal to exit administration fall through
Inverness Caledonian Thistle’s League One rivals Dumbarton have seen their deal to exit administration fall through.
It had been announced two weeks ago that the Sons, who followed Inverness into administration just weeks after the Caley Jags were hit with a 15-point deduction, had agreed heads of terms on a deal to be saved.
Joint-administrators Quantuma said when the club entered admin that the situation was the result of non-receipt of "significant" funds owed from the sale of land in 2021.
On April 15 Quantuma have confirmed that an agreement has been readed with Gareth Phillips on a proposal that would see the football club exit administration solvently and with all creditors paid in full.
Quantuma had been involved in litigation against Pendragon Group Limited, of which Mr Phillips is the principal, but a deal was reached on the basis that Pendragon will not hold security over the football club’s assets.
However, it has now been confirmed that deal has fallen through, with Mr Phillips pulling out due to ill health.
A statement from Quantuma managing director and joint-administrator of Dumbarton Ian Wright read: “On April 15, Craig Morrison and I, together the joint administrators of Dumbarton Football Club, announced that we had agreed heads of terms with Gareth Phillips, in a deal which would see the club exit from administration.
“With regret, today I must announce that due to ill health, Mr Phillips has had to withdraw his offer and in doing so has forfeited the non-refundable deposit which was paid.
“We are fortunate to be in a position where we have other credible parties who had expressed an interest in acquiring the club out of administration. We have already engaged with these parties and will provide a further update as soon as we are able to do so.”
