Joint administrators of Inverness Caledonian Thistle say the “future of the club is now at significant risk” after no offers were received to buy the Scottish League One side by this month’s deadline.
In a statement, BDO said there was “a strong level of interest from several parties” but none came forward by March 6.
Among the reasons cited were: the current level of loans from former directors (totalling around £3.5m), the nature of the club’s disparate shareholdings impacting a potential buyer having adequate control and uncertainty around the ownership of land surrounding the stadium.
The joint administrators say “a sale transaction does not appear to be achievable in the absence of new parties coming forward and the future of the club is now at significant risk”.
In regard to the concerns raised, BDO have written to former directors asking them to write off their loans, with some agreeing and others pending. To address concerns around the disparate shareholding, some have agreed to return shares to the club following a letter from the joint administrators and others will be issued this week.
Former chairman Alan Savage was willing to help secure Inverness’ future
Former chairman Alan Savage – who has ensured funding totalling around £1m is in place for the club to see out this season – has also said he would be willing to pay 25 per cent of price to buy the club and provide 25 per cent of the funding required for the next two seasons – if other parties come forward.
Inverness CT were placed into administration in October, with boss Duncan Ferguson working for free before leaving following a meeting with administrators.
The club were hit with a 15-point deduction that left them in bottom spot on minus three points. However, they are now eighth, two points above ninth and 23 clear of bottom side Dumbarton who also entered administration this season and had a similar points deduction.
Inverness CT won the Scottish Cup in 2015
A BDO spokesperson said: “We appreciate that this latest update will be disappointing for players, fans and the wider community.
“Given what has been achieved both on and off the pitch throughout the Administration period, we would very much like to see a sale of the club to ensure that its future is secured and we would encourage all parties to cooperate in this endeavour.
“We are grateful for Alan Savage’s ongoing financial support and would urge any interested parties to come forward with a view to acquire the club. The JAs would welcome the opportunity to discuss and provide a guide in respect of an acceptable price.”
