Alan Savage today hammered out three options for financially-stricken Caley Thistle’s future as he condemned “five years of huge losses, chaos and confusion” in club leadership.
The priority for the past chairman, now acting as the board’s consultant, is to call on three past directors to contribute around £600,000 to smooth the club’s path to recovery.
Mr Savage indicated he felt there was a strong case for David Cameron, Ross Morrison and Allan Munro to do so, given their presence on the board during the troubles encountered amid Scot Gardiner’s controversial five-year term as Caley Thistle CEO.
Mr Cameron and Mr Morrison now own the lease on a potentially lucrative seven acres of land surrounding the stadium, while they and Mr Munro collectively own the licence for the battery farm idea ICT hoped would raise £3.4 million before Highland Council planning rejection.
In an extraordinary and candid press briefing at the Caledonian Stadium – more on which we will publish today – the former chairman of the international recruitment firm Orion gave a stark update on the financial situation facing the Inverness club.
But there was good news in that most of around £3 million in loan debts owed to individuals had been removed in legally sound agreements.
Revealing a balance sheet loss in the latest draft accounts of £1.7 million, Mr Savage said a second option would be to open a broader crowdfunding campaign asking fans, businesses and the public to contribute cash to plug the £600k gap.
The third, and most unpalatable for the club and the club consultant, would be administration followed by a Savage-led effort to revive the now League One outfit.
Agreement was reached by last night (Tuesday) to remove all but £220,000 of £3 million in loan debts owed to a variety of individuals, either by writing them off or converting into share equity.
But with money owed to a range of creditors having escalated during Mr Savage’s forensic examination of club finances, the £600,000 shortfall is now seen as crucial to the path forward.
Mr Savage said: “The best option is for the people who have got the battery farm licence and the people who have got Propco, which could be worth a lot of money, to come to the party.
“They were on the board when Scot Gardiner was (working as CEO).
“In my opinion, they should be supporting the club now and leaving it in a way where I can do something with it.”
Mr Savage is asking for the trio to come back to him by Tuesday next week, after the board meets on Friday, with the urgency of need to clarify the club’s financial future great.
