Caley Thistle officially out of administration

Inverness Caledonian Thistle is out of administration with Highland businessman Alan Savage taking 100% ownership of the club.

ICT were placed into administration last October after racking up major debts, but Savage's offer to takeover the club was accepted earlier this summer.

Mr Savage, who was the club's chairman between 2006 and 2008, feels the League 1 side now has a "bright future" with focus on winning promotion to the second tier of Scottish football this season.

The update has been welcomed by the Chair of the ICT Supporters Trust who feels the fans "finally got their back" today.

"All about football now"

After initially returning to the club in a consultant role last year, Mr Savage offered to buy Caley Thistle for £800,000 if certain conditions around shares and ownership of land around their stadium were met.

With the deal now over the line, Mr Savage feels they can move forward.

He said: "We're through administration and I own 100% of the club. 

"The eight acres of car park are under the club's control. 

"We've got a bright future, as everybody's aware we're playing good football, the team are doing well. 

"People can hopefully continue to enjoy themselves at the club. 

"It was a long process, I don't think BDO (the joint administrators) had gone through this process before.

"When they go into a club in administration, usually the club or a business, goes to the wall rather than be rescued.

"It was an experience for them.

“We had to be patient and let the lawyers do what they had to do.

"We made an agreement with Propco, Ross Morrison and David Cameron, who were very helpful.

“They agreed to sell me the car park, with a few conditions, which were met. It is under complete control of the football club rather than people trying to speculate about what they could or couldn’t do with the car park, like build a hotel or supermarket.

"It's all about football now."

"One owner is the best thing for the club"

Mr Savage also outlined how a new structure at the club should make it more appealing to potential buyers in the future.

He added: "One of the reasons the club didn’t sell to a rich American perhaps was the whole structure was complex and complicated.

“There were multiple shareholders, Propco were involved, charitable trust.

“Having one owner is the best thing for the club.

“If a rich American does come along, and wants to get the team into Europe eventually, it is fairly straight forward.

“I wouldn’t stand in anyone’s way who wants to develop the club as long as they are with the right people.

“If it stays with me, it will be a slower journey to where we can get to.”

'We've finally got our club back'

ICT Supporter's Trust Chair, George Moodie, says he is "over the moon" with today's update and is delighted to have been invited onto the new board by Mr Savage to represent the fans at the top table.

He said: "There had been a massive disconnect between the club and its supporters for some time. 

"Alan saw that and we've spoken a lot in recent times.

"Alan understands the football club is nothing without the supporters.

"A lot of Caley Thistle supporters should feel good today that we finally got our club back. 

"Alan Savage deserves a lot of praise for bringing it back to the supporters."