No offers to take over Inverness Caledonian Thistle

No offers have been made to take over Inverness Caledonian Thistle (ICT), its joint administrators have said.

The Scottish League 1 club was placed into administration last October after running up large debts. The side was also deducted 15 league points.

The administrators, BDO, said potential new owners had raised a number of concerns, including how loans of £3.5m would be paid off.

BDO added that a sale did not currently appear to be achievable, leaving the future of the club at "significant risk".

The deadline for offers was 6 March.

Administrators said concerns had also been raised that potential new owners would not be able to reach an agreement with all shareholders to adequately take control of the club.

There were also uncertainties about ownership of land around the stadium.

Former club chairman Alan Savage has provided ICT funding to allow it to finish the 2024-25 season.

BDO said Mr Savage's support since last summer to the end of the season would amount to £1m.

The administrators said he had indicated he would be prepared to cover 25% of the cost of a new owner taking over, and 25% of the funding needed for the next two seasons.

The club faces being deducted a further five points at the start of next season as further punishment for getting into financial difficulties.

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.

"The joint administrators would welcome the opportunity to discuss and provide a guide in respect of an acceptable price."

ICT is currently in eighth place in the 10-club League 1.

The club's financial problems were exposed after it was relegated from the Scottish Championship at the end of the 2023-24 season.

Fans reacted angrily to the drop into League 1 after defeat to Hamilton, and to subsequent issues including a plan to move ICT's training base to Fife.

It was suggested the move to Kelty Hearts' facility would make it easier to recruit players from central Scotland, but the proposal was later abandoned.

Losses ran to £1.2m in the 2023-24 season and the club forecasted a similar loss this season, but warned that figure would not include money spent on restructuring following relegation.

A football club enters administration when its debts are greater than its assets, or when it cannot repay its debts, according to trade association R3.

The aim of the process is to rescue the club as a going concern in the hope of finding a buyer for it.