George Fraser to stand down as Inverness CT chair
Last updated on .From the section Football
George Fraser is to stand down as Inverness Caledonian Thistle ahead of a proposed "substantial investment by a group of expatriate supporters".
And Fraser insists he is happy to do so as he believes the Scottish Premier League club needs fresh faces.
"It had always been my intention to stand down at this agm," he said ahead of the 22 September annual meeting.
"So, after six years on the board, it is the right time for me to move aside. It has been an immense privilege."
Caley Thistle last week announced that their funds had been boosted by a £200,000 funding package from directors and shareholders.
They also stressed that more funding and board changes were on the way.
"It was important for me to conclude, prior to announcing my decision, the negotiations which have recently brought in a substantial sum of investment," Fraser told the club's website.
"This is very welcome and I sincerely hope the club will in due course be able to finalise an arrangement with a group of expatriate supporters who have expressed interest in acquiring significant shareholding.
"It is my emphatic view that a football club, like any business, must always pursue a policy of introducing new faces and fresh thinking to maintain its successful development.
"After chairing my fourth agm, my intention is to stay on the board for a short period prior to stepping down as a director.
"It has been an immense pleasure to be chairman and I know there are many high calibre people in our community to maintain the good work of being chairman of a wonderful community club."
Meanwhile, Caley Thistle reported a £190,000 loss in their accounts to May, although Fraser pointed out that, uniquely in the SPL, it is "a club with no overdraft facility with any bank".
"The £190,000 deficit reflects the austere economic conditions against which the club has had to operate," he said of Inverness' first season back in the top flight.
"Yet, despite this challenging environment, we have managed to maintain a football department budget which has proved to be competitive."