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Alan Savage Becomes Preferred Bidder for Inverness Caledonian Thistle

The ownership of Inverness Caledonian Thistle is poised for a significant change as businessman Alan Savage has been named the preferred bidder for the club. This decision comes after the club faced difficulties, having entered administration last October due to mounting debts.

Earlier this month, administrators issued warnings regarding the club’s precarious situation, citing a “significant risk” of continued financial instability following failed efforts to secure new ownership.

Alan Savage, who has been supporting the club financially since the previous summer, stipulated that his bid hinges on acquiring full control of the club, along with the condition that all long-term loans are nullified. His offer, which was set to expire on April 11, has now been accepted, paving the way for a potential exit from administration by the end of the current season.

Expressing his enthusiasm for the development, Savage remarked on Thursday that he was pleased his proposal had received the green light from both the club and the joint administrators. During a subsequent press conference, he expressed his commitment to enhancing the youth academy in Inverness and aims to advance the club through the ranks of Scottish football.

“It would be a real shame – and embarrassment – if Inverness was liquidated,” Savage stated. “It is an important part of the community and I could not let it fail.” He emphasized his aspiration for the club to achieve Championship status, showcasing a forward-looking vision for Inverness Caledonian Thistle.

In a nod to community spirit and tradition, Savage announced that the club’s beloved mascot, Lionel Nessie, would be reinstated. This character, inspired by the legendary Loch Ness Monster, made a memorable debut at a cup final in 2018 but has been absent from recent seasons. The return of the mascot signifies a commitment to reconnecting with fans and embracing the club’s heritage.

The financial restructuring that enabled Savage’s appointment as preferred bidder was made possible through agreements with various stakeholders, including the writing off of loans by creditors. The joint administrators, BDO, confirmed that several shareholders had sanctioned Savage taking complete control of the club.

A spokesperson for the administrators expressed gratitude for the cooperation of all parties involved, stating, “We are delighted to have reached this milestone and would like to place on record our thanks to Alan, the loan creditors, shareholders, and everyone at the club for their cooperation and for working so hard to get us to this point.”

Source
www.bbc.com