THE HIGHLAND businessman who is endorsing a £1.2million bailout for Inverness Caledonian Thistle has arranged a meeting with the directors of the stricken club.
The anonymous entrepreneur, originally from Inverness, will meet the ICT board on Thursday in the hope of working out a plan to see the League One team through to the end of this season.
An informal letter of intent was received on Tuesday asking for detailed information about the club’s complex finances. A condition of any deal was that the club would not go into receivership, with guarantees also requested about the level of current debts.
They are currently losing £4,000 a day, but a public meeting last week warned supporters to brace for insolvency, with administrators BDO already on standby.
Inverness Caledonian Thistle is facing the prospect of going into government
Former Inverness chairman Alan Savage has told fans that administration is now their best option
A crowdfunder set up to raise a £200,000 emergency fund this week has raised just £85,000, with the club claiming it needs £1.6 million to cover costs until the end of the season.
The unnamed businessman is willing to invest £1.2 million in return for a 50.45 percent stake in the club and is working closely with Inverness businessman Don Lawson. It is believed that he currently has no ties to the football world.
Alan Savage, chairman of Inverness-based Orion Group and ICT chairman from 2004-2006, is willing to cover the costs of the administration and told fans at last week’s public meeting that this is now the best option for the club seemed.
Inverness directors expect to issue a statement on the club’s current status on Thursday, with a board meeting scheduled for Friday.
Despite recent interest from potential investors from China, Portugal and Ketan Makwana’s Seventy 7 Ventures, talks with the mysterious businessman now appear to be the last realistic hope of avoiding administration, an immediate 15-point penalty this season, a further five points next season . a transfer embargo and a review of the club’s SFA license.