Trumpetree Posted October 3, 2019 Report Share Posted October 3, 2019 Championship side Inverness Caledonian Thistle will desperately ask shareholders to dip into their pockets to stave off administration - according to a report. The second tier side are struggling for money despite being debt free and will hold an Extraordinary General Meeting. Last week, chairman Graham Rae and director Alan McPhee both quit the club. That meant an end to funding provided by Muirfield Mills and the Highlanders are losing around £800k a year in the Championship, according to the Daily Mail. At a meeting tonight, Scott Gardiner will ask for revenue and admits the club are in a worrying position unless cash is stumped up. He said: "We need working capital. Our revenues are through the floor in the Championship. "We are in the second tier and we can't afford it. We have been speaking to some of the big shareholders appealing to them to help us because we don't have the revenue to continue as we are. We need them to step up now. We have done all we can to steady the ship.We have no debt now, no soft loans any more, no bank debt and we own the stadium. "But, unless we have an investment of cash, we will find ourselves in a precarious position." Caley Thistle sit five points behind Ayr and Dundee United at the top of the Championship with John Robertson guiding his side to three wins in his last five. (Daily Record) 0 Quote Link to comment Share on other sites More sharing options...
piffer Posted October 3, 2019 Report Share Posted October 3, 2019 Always thought they were one of the clubs that had their house in order. 0 Quote Link to comment Share on other sites More sharing options...
casual observer Posted October 3, 2019 Report Share Posted October 3, 2019 Budgeting on a playing squad the revenue can’t sustain - only one way that ends! 0 Quote Link to comment Share on other sites More sharing options...
red_dug Posted October 3, 2019 Report Share Posted October 3, 2019 There is no way they should ever have been budgeting to be in the top league. 0 Quote Link to comment Share on other sites More sharing options...
Prahakillie Posted October 3, 2019 Report Share Posted October 3, 2019 23 minutes ago, red_dug said: There is no way they should ever have been budgeting to be in the top league. If you don't budget to be in the top league when you are there you won't survive long. 0 Quote Link to comment Share on other sites More sharing options...
Scouser2 Posted October 3, 2019 Report Share Posted October 3, 2019 does again show the major problems that relegation from the "top league" can cause -- made worse when not able to get back up straight away . Has been many examples of other clubs having issues and now struggling to get back up a level -- or 2 or 3 like in case of Falkirk now . Many teams once considered as "rivals" now struggle to attain former status ICT had top level football for a few years and paid out decent wages plus other payments in order to attract players up "North" - and they see need to pay out decent wages in order to even compete to get back up asap whilst at times struggling to get any decent support They also find that in likes of Dundee Utd there are rival clubs in that division are over spending to get that promotion ----if that club fails again this season they may also be in major financial worries 0 Quote Link to comment Share on other sites More sharing options...
Fletch Posted October 3, 2019 Report Share Posted October 3, 2019 With their attendances averaging about 2500 you can imagine they probably would have overstretched themselves last season to keep up with what others would have been spending. I'm surprised they're losing as much as £800k though. Hopefully this is a wake up call for them to get their spending in order and not something that they can't recover from. 0 Quote Link to comment Share on other sites More sharing options...
Trumpetree Posted October 3, 2019 Author Report Share Posted October 3, 2019 Probably didn't help when they seemed to lose their best players each year under freedom of contract. Normally to Pittodrie 0 Quote Link to comment Share on other sites More sharing options...
Wrangodog Posted October 3, 2019 Report Share Posted October 3, 2019 Ross County being promoted would have been a big blow, two home games lost that would have guaranteed good attendances. Dundee Utd. will take a decent support there but A*r won't, even if they are playing well. Sounds like they relied on the two board members who resigned to keep them afloat. 0 Quote Link to comment Share on other sites More sharing options...
Bonbon19 Posted October 3, 2019 Report Share Posted October 3, 2019 ICT are an example of what can happen to a “well run” club with no debt and no overdraft facilities that relies on 1 or 2 board members to survive . 1 Quote Link to comment Share on other sites More sharing options...
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