Inverness Caledonian Thistle confirm deal for firm to become majority shareholder
INVERNESS Caledonian Thistle have confirmed they have accepted an offer from a firm to take a majority shareholding in the club.
Seventy7 Ventures, a UK-based sports, entertainment and leisure group have agreed a deal which Inverness Caledonian Thistle are confident will secure the future of the club.
The deal was confirmed on Friday afternoon putting an end to speculation after a number of parties were believed to be interested in taking over.
The announcement comes after it was revealed earlier this month Inverness Caledonian Thistle made a loss of over £588,000 for the financial year ending May 30, 2023.
After relegation to League One after losing the Championship Play-off final to Hamilton Academical and pulling out of moving its training base to Kelty, Inverness had consulted advice from an insolvency practitioner should attempts to find new investment fail.
Caley Thistle board of directors’ spokesman Panos Thomas has confirmed a deal has been agreed with the group to become the League One outfit’s majority owner.
He said: “We have received a formal offer to acquire a major shareholding and voting rights of the company and this has been unanimously accepted by the board."
"Ketan Makwana, the Executive Chairman of Seventy7 Ventures has been a most dynamic suitor for the club in the past few weeks and following the most recent meeting with him in Inverness when he outlined his vision and passion for what the club could become, it was clear those plans and the financial backing of Seventy7 Ventures will give ICTFC the best opportunity to flourish again.
“This is very good news for the club as we strive to establish a more sustainable business and build a team that will in the first instance, return us to the SPFL Championship.”
Executive Chairman of Seventy7 Ventures, Ketan Makwana said he is pleased the deal has been agreed.
“We at Seventy7 are delighted to have achieved this result, we want to thank the board, chief executive and former chairman for their continuous workability and open mindedness to see our vision of the future for the football club and the community of Inverness.
“We are relishing the opportunity to drive sustainability and growth in the club and lead them to future prosperity."