Three buyers interested in Inverness Caley Thistle

Player Billy Mckay has taken over the running of the team with coach Scott Kellacher

Administrators at Inverness Caledonian Thistle (ICT) say there have been three expressions of interest so far to take over the running of the club.

BDO also said four players have been made redundant, but non-playing staff remain in place.

Striker Billy Mckay and first team coach Scott Kellacher have taken over the running of the team following the sacking of Duncan Ferguson.

Caley Thistle was placed into administration earlier this week in an attempt to get a grip on its financial difficulties, and save the 30-year-old club.

Alan Savage, left, and administrator James Stephen held a press conference on Thursday

The club said that players Adam Brooks, Cameron Ferguson, Flynn Duffy and Wallace Duffy had all left with immediate effect.

Another player, goalkeeper Jack Newman, has returned to his parent club Dundee United after joining ICT on loan in the summer.

The club thanked the players for their contributions and wished them well for the future.

Businessman and former chairman Alan Savage has committed to ensuring ICT has enough funds to continue for the rest of its season.

The names of potential buyers have not been disclosed.

Calling in administrators has incurred a 15 point deduction, leaving it on minus three points at the bottom of League 1.

Duncan Ferguson was sacked by the club on Wednesday

Mr Savage said efforts were being made to raise revenue, and he called on public agency Highlands and Islands Enterprise and Highland Council to get involved.

He said the club was looking at getting a restaurant chain to take over the Highlander Suite at ICT's stadium.

Mr Savage said he also hoped local businesses would also come forward with investment.

Administrator James Stephen, who was involved with Rangers and Hearts when they went into administration, said the process had given Inverness some breathing space.

He said the main objective was to "try and preserve the club going forward".

"It's no secret that the club runs at a significant monthly cash deficit," he added.

Mr Stephen said every penny that could be raised would help the club survive.

He said: "There is a reasonable period of stability - months rather than weeks.

"Alan has said he would not let the club run out of cash."

Mr Stephen appealed to fans to get back behind the club.

Talks were held last week with businessman David Anderson about a possible takeover but they ended without agreement.

Then on Tuesday, the Court of Session confirmed that the club had appointed administrators.

Losses ran to £1.2m last season and the club has forecast a similar loss this year, but that figure does not include money spent on restructuring following relegation from the Championship last season.

Football finance expert Bryan Jackson, who helped to save clubs including Hearts, Motherwell and Dunfermline from financial difficulties, said he believes ICT will survive despite going into administration.

Speaking to BBC Radio Scotland's Drivetime programme, he said this should be the lowest point for the club, and he was "quietly optimistic" about its future.

Mr Jackson, who has been advising the club in an unofficial capacity, said the question was whether potential buyers had the necessary financial backing to take it on.

He also said that successful buyers tend to go into the process because of emotional ties to the football club rather than to make money.

Administration in Scottish football is relatively rare but common enough to strike fear into the hearts of directors and fans alike. Since the year 2000, there have been a total of fourteen insolvency events involving Scottish clubs from across the league system.

Inverness Caledonian Thistle might take some comfort from the fact that of those, nine have come out the other side bruised, but intact. Each case is different of course, but the emotion is the same.

Having covered a number of these over the years, I’ve watched fans in tears, staff in shock and institutions teeter on the brink of extinction. What is always striking is how quickly the narrative changes from winning games to survival.

There’s nothing more sobering than watching a team of administrators walk into a football stadium with their briefcases swinging by their sides and a community holding its breath, wondering if they might become the next Gretna or Clydebank.

As the administrators get on with the work of figuring out just how bad the finances are, fans cling desperately to new reports of fresh investment. The first week can usually be critical and the list of those who lose their jobs in the first few days can give an indication of just how precarious the position is.

History shows administration doesn’t have to mean the end and often it can focus the minds of those looking to invest. As the fans of Inverness Caledonian Thistle watch on with worry, they can take some consolation from the fact that many other supporters from across Scotland have felt their pain.