Cash-strapped SPFL outfit agrees deal to exit administration as grim nine-month fight for future set for happy ending
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ADMINISTRATORS at Inverness Caledonian Thistle have agreed a deal with creditors which will see the cash-strapped club exit insolvency next month.
The Highlanders entered administration back in October, with an SPFL statement confirmed the club would be docked 15 points as a result.
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Inverness Caledonian Thistle press conference
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But multi-millionaire Highland businessman Alan Savage has triumphantly sealed a deal to exit administration and take complete control at Caley Thistle.
And today it was revealed that the CVA has been approved, with the process likely to conclude in early July 2025.
He said: "The Joint Administrators (JAs) today held the meetings of creditors and members to consider the Company Voluntary Arrangement (CVA) proposals which were based upon the offer for the club submitted by Alan Savage.
"The JAs are delighted to advise that both meetings approved the CVA.
"This will allow the Club to exit Administration and retain its place in League One of the Scottish Football Leagues.
"The club will now operate under the CVA for a short period of time under the management of Alan and his team.
"Once the final costs are determined and the relevant dividends paid to creditors then the CVA process will be brought to a close.
"It is anticipated that this process will conclude in early July 2025."
BDO partner James Stephen said: 'The Joint Administrators would like to thank everyone involved in the process of getting to this point and in particular Alan and his team and the staff at the club.
'We would also like to thank the fans for their patience and support.
Ex-Rangers star Duncan Ferguson spotted shovelling snow off Inverness pitch as he leads 'army' of helpers-
'We look forward to the conclusion of the process and seeing the club move forward.'
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