Inverness Caley Thistle administration update: Property company ‘happy to speak’ to interested parties regarding land surrounding Caledonian Stadium - Texas consortium reported to be interested in land
The company that controls the land around the Caledonian Stadium say they are open to discussions with Inverness Caledonian Thistle’s administrators.
Inverness Caledonian Thistle Properties, referred to as “PropCo” by the football club’s administrators BDO earlier this month, have a long-term lease on the land around the brick and mortar from Highland Council until 2094, including the car parks at the stadium.
This has then been sub-leased to the football club for the same period, however it is the Property Company that controls its fate.
They have the legal right to terminate ICT’s sub-lease at short notice, sell their stake in the land or hand control back to the football club.
Owned by former football club directors Ross Morrison and David Cameron, BDO – as well as former chairman Alan Savage – recently put out a call for clarity over Morrison and Cameron’s intentions for the land, saying it was a potential stumbling block to a sale that would bring the football club out of administration.
In reply to the administrators, a spokesperson for Inverness Caledonian Thistle Properties, which has the rights over the land, said: “We have informed the administrators that we are happy to speak to anyone who is interested in taking over the club and was interested in acquiring the surrounding land rights.
“We remain available at any time to speak with any interested party, and would welcome dialogue.
“If anyone is interested in the land, they can contact our agent Sandy Rennie or our lawyers Thorntons.”
It is understood that PropCo have already been approached independently by a Texan consortium about the land.
Alan Savage has claimed that an agreement was reached for the main lease of the land to be gifted to Caley Thistle, but that the football club going into administration saw Morrison and Cameron change their minds.
Morrison has a meeting set up with BDO’s James Stephen in January, where the administrator hopes to at least move closer to some form of resolution.
Stephen had previously described the impact of the situation on any potential sale, saying: "In simple terms, the club doesn't control the destiny of the land. The sub-lease is terminable at quite short notice. That means we are in quite a weak position in terms of security of tenure.
"I can't hide that is a potential obstacle to the sale. Parties are understandably concerned the land could be subject to a change of use or the sub-lease could be terminated with a relatively short notice.
"Given where the club sits, a major portion of the land is important to the club. Having that lands allows the club to promote non-football revenues which could be a big factor in the club being successful going forward.
"I did seek to get PropCo to agree what had been agreed prior to my appointment. That would have been of great assistance.
"However, following administration the PropCo position has changed. It's not fatal to the sale but it does add another significant cost to any acquisition.”
Upon further questioning, Stephen continued: “What they are asking for now is markedly different now to what it was before administration.
“There’s the triangle in the corner which is called the Bermuda Triangle – that wouldn’t form part of any acquisition of the club.
“The Bermuda Triangle would potentially be sold off to someone else, and then the club would either get back the remainder or seek a sensible commercial deal to buy the remainder.
“(Potential buyers are) totally aware of the situation, and we’re trying to look at alternative options that may work without having to get embroiled in a long-running negotiation.”
