Caley Thistle end takeover talks amid loans probe

Alex Samuel and Cammy Kerr were on loan in Inverness last season

Inverness Caledonian Thistle have suspended takeover negotiations with Seventy7 Ventures and have appointed former chairman Alan Savage "to take charge of the struggling Highland club to put the team in a firm financial position".

The League 1 club made the announcement hours after it was revealed that the Scottish Professional Football League is looking into complaints about loan fees still owed to Premiership clubs Dundee and Ross County.

Financial problems contributed to Caley Thistle's relegation at the end of last season, with head coach Duncan Ferguson having limited funds to rebuild his squad for the current campaign.

Now they have turned to Savage, who made his money as chairman of Inverness-based engineering recruitment business Orion Group and led Caley Thistle between 2006 and 2008 while they were in the top flight.

In a statement on X, interim chairman Panos Thomas said: "Working alongside the club's board of directors, Savage has taken the initiative to oversee the organisational restructure of the club as they seek to remedy their financial issues, with chief executive officer Scot Gardiner leaving his role with immediate effect.

"The club have also suspended negotiations with Seventy7 Ventures, who had been seeking to acquire a majority shareholding, with Savage beginning immediate work carrying out an internal forensic review of the club's financial position to establish plans for the club's future and setting the team into a viable position for new ownership."

Caley Thistle had announced in July that, in an attempt to avoid going into administration, they had accepted an offer from the Windsor-based sports, entertainment and leisure group, whose chief executive, Ketan Makwana, promised to "lead them to future prosperity".

That came two months after the club scrapped cost-cutting plans to move their training base to Kelty in Fife after an angry backlash from supporters that led to Ross Morrison resigning as chairman.

The latest statement adds: "Savage and the board are now looking to rejuvenate the connection between Inverness Caley Thistle and the community, which will be integral to the long-term future of the club, and are seeking support from local businesses to address the immediate financial shortfall until further long-term investment can be secured."

Sports marketing agency GRM Marketing will help explore investment leads.

The unpaid fees being investigated by the SPFL concern the loans of defender Cammy Kerr, who has since left Dundee to join Queen's Park, and Ross County forward Alex Samuel, who both spent the second half of last season at Caledonian Stadium.

BBC Scotland understands that their Highland neighbours owe County £20,000 for the Samuel loan.