Highland club Inverness Caledonian Thistle exits administration

Inverness Caledonian Thistle to exit administration

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SNS Inverness Caledonian Thistle finished seventh place in League 1 last season

Inverness Caledonian Thistle (ICT) is to exit administration after agreements were reached with its creditors. The Highland club got into difficulty last year after running up large debts. Joint administrators BDO was appointed in October to oversee its finances, and also find a new buyer. BDO said the agreements would allow ICT to leave administration by early July, and retain its place in Scottish football's League 1.

The move also opens the way for former chairman Alan Savage to eventually take over the club. The businessman made an offer earlier this year to buy the club for £800,000, if certain conditions were met including ICT leaving administration. Mr Savage has been funding the club since last year. James Stephen, BDO partner and one of the joint administrators 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. "We look forward to the conclusion of the process and seeing the club move forward."

Points deduction

The aim of the administrative process was to rescue the club. But the move did mean ICT incurring a 15-point deduction as punishment from the Scottish Professional Football League (SPFL) for its financial problems. The loss of points left ICT facing potential relegation from League 1. But the team managed to rise up the table to seventh place and seven points clear of the relegation play-off spot.

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