Inverness CT board raise funds to address 'financial shortfalls'

Caley Stadium
The Inverness board hope to strike a deal to gain ownership of Tulloch Caledonian Stadium

The board of Inverness CT say they have secured "£500,000 of new investment" to address "financial shortfalls".

The announcement follows a "financial health check" by accountants on the club's business plan.

Inverness chairman Willie Finlayson is also to be succeeded by Graham Rae at the end of September.

"The results [of the financial health check] identified some gaps and opportunities for improvement," said a board statement.

"Steps were taken quickly to address this situation. We are pleased to report that, by the end of September this year, the club will have secured £500,000 of new investment, which will be fully utilized towards addressing past and current financial shortfalls.

"The business plan for the current year is now one which has passed a financial robustness check from our accountants."

Inverness were relegated from the Premiership last season following seven years in the top-flight and underwent a series of boardroom changes as well as the appointment of a new manager in John Robertson.

Inverness CT chairman Willie Finlayson
Inverness CT chairman Willie Finlayson will relinquish the role at the end of September

The squad has been renewed, including long-standing midfielder Ross Draper being sold to Highland rivals Ross County, who remain in the Premiership.

"This amount of change is a challenge for everyone involved, but if we are to have a sustainable business, we all need to adapt and move forward," the directors added.

"The board would like to acknowledge the contribution of Willie Finlayson, who as chairman continues to provide transitional leadership and consultation between the past, current and new board members.

"At the time of his appointment, Willie advised that his tenure as chairman was not intended to be long term and he has now confirmed that he will step down at the end of this month.

"No players were budgeted to be sold to release funds and this included Ross Draper. The club dearly wanted to have been able to retain Ross's services but recognised that his wish was to return to being able to play in the Premiership.

Inverness CT manager John Robertson
John Robertson returned to Inverness Caley Thistle in the summer for his second spell as manager

"There are many challenges ahead and, to safeguard our financial position, everyone connected with the club should be aware that we cannot spend more than we earn and that careful and effective fiscal management is critical for the realisation of our business and football goals."

Inverness also hope to finalise a deal with the construction firm, Tulloch Group, to take ownership of the Tulloch Caledonian Stadium and have appointed Danny MacDonald as chief operating officer.

"The Tulloch Group very generously offered in December 2016 to gift the stadium back to the club, write off arrears of rent that had accumulated and ensure we could move forward on a rent-free basis," the board statement added.

"The board have been heavily engaged with Tulloch and their advisers over the last six weeks to put the necessary contracts in place to give effect to this gift and to ensure we have a fully functioning stadium available for football but also all the other commercial income-generating activities that support the club.

"We anticipate that contracts will be signed by the end of September 2017."

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