Scottish football club Inverness Caledonian Thistle is set to enter administration after failing to reach a deal with a potential buyer, businessman David Anderson. Interim chairman Scott Young had been in talks with Anderson, but negotiations ended without an agreement being reached. The club had already warned of its impending financial troubles and is seeking £200,000 to avoid going into administration in October. They had set a deadline for interested buyers, which had initially passed on Thursday.
A statement given to the BBC by the club’s directors revealed that they had signed an intention to appoint administrators notice, which will be filed in court. The statement went on to say that it was anticipated that the proposed administration would take place on Monday or Tuesday. The club’s directors have not yet issued any further statement about the situation.
Inverness Caley Thistle are currently sitting second bottom in League One and entering into administration would result in a 15-point penalty. This would likely cause the team’s relegation, although a plan has been put in place which would allow the club to continue trading while efforts are made to secure a long-term future.
Last season, the club lost £1.2m, and similar losses are forecast for this term. However, the club has warned that this figure would not include costs spent on restructuring the company following relegation from the Championship last season. Manager Duncan Ferguson has been working for free to save the club money, and he and his squad have been working with the players’ union PFA Scotland amid the uncertainty
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