ICT still at risk of demotion, warn administrators

Inverness Caledonian Thistle's joint administrators warn the club remains at risk of being demoted - despite Saturday's crucial win over Arbroath.

BDO was appointed in October to oversee ICT's finances and also find a new owner after the club ran up large debts.

Inverness' 3-0 victory ensured the League 1 club avoided a potential end-of-season relegation battle.

But BDO said shareholders now needed to agree to terms set out by Alan Savage, the preferred bidder to buy the club, to prevent the deal from falling through.

Mr Savage's conditions include that 100% of voting shares transfer to him.

He has also asked that all loan creditors be written off, and that an agreement is reached on ownership of land around the stadium.

BDO said a meeting on 22 May could lead to ICT exiting administration.

A spokesperson said: "However, these conditions need to be in place prior to the meeting and we would encourage all shareholders in particular to complete and return their stock transfer forms as soon as possible.

"We would remind any shareholder who may be minded not to agree to the proposal that this may result in the offer being withdrawn, the assets sold to another entity and the club - should it survive - being demoted outside of the league structure."

The spokesperson added that if this happened all shares could eventually end up being "redundant".

BDO congratulated the team on Saturday's win and said it was something everyone at the club should be proud of.

Inverness had been facing the threat of relegation after it was deducted 15 points by the league as punishment for its financial situation.

But the team has taken club from the bottom of the league to seventh place.

Saturday's away game against Montrose will be ICT's last game of this season.

BDO's warning has come as a proposal to take Inverness' League 1 rivals Dumbarton out of administration and pay their creditors in full has collapsed.

On 15 April, administrators Quantuma announced a deal with Oxford-based Gareth Phillips that would wipe out the club's debt, with working capital made available for next season.

Now it has said that Mr Phillips had withdrawn his offer due to ill-health.

Quantuma said "other credible parties" remained interested in taking over the club.