Caley Jags talks 'ongoing' with potential buyers

A new owner has been sought to save Inverness Caley Thistle from its financial woes

The joint administrators of debt-ridden Inverness Caledonian Thistle (ICT) say they have "re-engaged" with a number of potential buyers for the club.

It emerged earlier this month it had not been possible to secure a new owner due to uncertainties around loans and shares, leaving the club at "significant risk".

But BDO Administrators said a meeting of loan creditors, major shareholders and a former director had led to an agreement that could see loans written off and major shares returned to ICT.

It said discussions were "ongoing" with four to five interested parties.

ITC was placed into administration last October after running up large debts.

The Scottish League 1 club was also deducted 15 league points.

BDO had previously said uncertainty over how debts would be paid off was one of the barriers to securing a new owner, adding that a sale did not appear to be achievable.

It said since last week's meeting the club had taken an important step towards survival.

A spokesperson said: "The BDO Administrators have spent time re-engaging with a number of interested parties and are pleased to advise that discussions are ongoing with four to five parties regarding an offer for the club.

"This process will continue throughout April.

"The administrators are delighted with these developments and are appreciative of the position taken by the loan creditors and major shareholders."

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.