Caley Thistle benefit from £200,000 funding package

George Fraser
Chairman George Fraser points out that Caley Thistle have no bank overdraft

Inverness Caledonian Thistle have been boosted by a £200,000 funding package from directors and shareholders.

The Highland club say talks are also ongoing with a group of expatriate Invernessians about further investment in the club.

Chairman George Fraser said: "We are delighted at this cash injection at such a challenging time for SPL clubs.

"We're grateful to those involved in this initiative to purchase new shares."

The club announced in July that a separate group were preparing to invest in exchange for board representation.

"This development is unconnected with our recent announcement about the interest of a group of Inverness expatriates in taking a significant shareholding," Fraser added.

"It is the intention of the Caley Thistle board to continue our dialogue with this latter group.

"It is excellent for supporters of the club that we have existing shareholders and prospective new shareholders ready to invest in driving Caley Thistle forward.

"This is particularly welcome at a time when all clubs face the harsh reality of the public's discretionary spend being under pressure in the difficult economic environment.

"Our club is unique in the SPL in having no bank overdraft and we require to pay our way on an ongoing basis, so all new sources of income are extremely welcome."