Administrators are expected to take control of Inverness Caledonian Thistle today.
Years of heavy financial losses have taken their toll on the League One side, and after falling short of their £200,000 crowdfunding target administrators have been asked charge to take control of the club.
It has felt like something of an inevitability for a while, but it is still a major development at the Caledonian Stadium.
No SPFL club has been in this position for a decade, and many supporters will now be wondering what is next for the Caley Jags.
Off the pitch
Administrators will now look at where they can cut costs in order to give the club the best possible chance of survival.
That will mean redundancies among staff, which is likely to include players, as a buyer is sought.
They will then try to find a way for the club to move forward, whether that be through arranging some sort of deal with creditors – a group which now includes those who previously loaned money to the club – or by finding a buyer to take over the running of Caley Thistle.
As part of that process, they will set up a data room for interested parties to see an overview of the club’s finances, with potential buyers having to sign non-disclosure agreements to gain access to it.
In the meantime, the players that remain are the first priority for the administrators, with their contracts the first to be fulfilled with any money that is available to use.
Interim chairman Scott Young told supporters last Saturday that the administrators have estimated the entire process will take 12-14 weeks, which will be a relief as if it drags into next season there will be a question mark over Caley Thistle’s Scottish FA license.
There seems to be no imminent threat of the club being liquidated either, as sources have told The Inverness Courier that the incoming administrators have sufficient cash flow to run the club until February 2025.
On the pitch
The reality is that not much will change immediately on the pitch.
Matches will continue to be played, albeit with a potentially smaller squad if players do leave – the money that was raised through ICT’s crowdfunder will still go towards running costs like travelling to away games.
The biggest impact comes in the form of a points deduction, with SPFL rules decreeing that a 15-point penalty is applied to Caley Thistle this season, and five more being deducted next season.
That has sent ICT to the bottom of the League One table as they now sit on -3 points, a full 12 points behind Dumbarton.
