“I would like to get to the point of preferred bidders, with a view to putting forward a company voluntary scheme proposal to creditors. I would like to see the land situation resolved as part of that.”
Stephen explained that there is a huge funding gap until the end of the season but the club’s advisor Savage has again agreed to fill that financially while sales continue.
The administrator could not disclose the amount involved, but also encouraged the local community to come forward to help Savage with the current funding.
Caley Thistle, who went into administration in October, have a lease on their Caledonian Stadium home, owned by Inverness Common Good Fund and managed by Highland Council, until 2094.
However, the club is the sub-tenant of the 10-acre site, which includes a car park, with the main tenant being Inverness Caledonian Thistle Properties (ICTP), controlled by chairman Ross Morrison and director David Cameron, who bought it in 2023.
Stephen said that the club is in a weak position in relation to the land as the agreement can be terminated in a short time and therefore the land can be used differently.
Following the administration, ICTP had offered to sell most of the land to the club, or the buyer’s perspective, but is seeking “financial compensation”.
Although Stephen suggested this was not bad for the sale, it adds significant costs to any acquisition and he is expected to meet Morrison for talks in January.
BDO, meanwhile, have been pleased with the home side’s efforts, with Caley Thistle having won four of their last six matches, although they remain in second place ahead of Dumbarton after both received a points deduction for taking the lead.
Savage said the state of the club at the moment was “lovely”, everyone at Caley Thistle had a new lease of life and that one player asked to extend his contract last week.
