Duncan Ferguson admits he's managing Inverness Caley Thistle for free

Inverness Caley Thistle manager Duncan Ferguson has admitted he is managing the club without getting paid as it struggles with financial issues.

The former striker admitted he is working for free at the helm of the Highland club who set up a fundraiser in the hope of raising £200,000 in the next two weeks to avoid insolvency.

The Scottish League One side had made contact with accountants who previously dealt with financial problems at Rangers, Hearts and Dunfermline, as the business was on the brink of administration.

The club has said that an urgent injection of funds is needed to save them from having to appoint administrators.

Manager Ferguson admitted he’s currently in charge without receiving a wage from the club.

He said: “Obviously, I can’t go without a wage forever and ever because I need to put food on the table myself.

“But at the moment, I think needs must. So, I’m making sacrifices.

“Just think it’s the right thing for me to do personally. It’s a personal choice. It’s not easy is it? It’s not easy for the club.

“But there you go. I’ve made the decision and hopefully it can help.”

There was further upheaval at the troubled club on Thursday when interim chairman Panos Thomas revealed that he is stepping down from the position after just two months.

Thomas said it was with deep regret that he was standing down and explained his decision was due to a personal family reason.

“I would like to thank my fellow directors, staff and players at the club, the supporters and shareholders for their tremendous support to me during my short time in the role as Interim Chairman,” he wrote in a statement published on the club’s social media accounts.

“I will always fondly remember the resilience, tenacity and endeavour of those folk whom I worked with.

“It is now time for me to hand over to others to find a way forward for the club that I have supported wholeheartedly since moving to the Highlands to live. I wish everyone at the club the very best for the future.”

In addition to the Save ICT crowdfunding appeal, the club appealed for fundraising ideas and is looking to former directors and shareholders to come to their aid.

Over the longer term, Thomas had said around £1.6m investment will be needed to last to the end of the season, or a buyer will have to be found.

The interim chairman explained in a letter to fans that the last accounts for the club, for the 2022/23 season, showed a loss of nearly £600,000, while the figures for last season, which ended in relegation are expected to show a loss of around £1.7m.

A similar loss is predicted for the current season, though that figure could be even higher when expenditure “incurred in restructuring the club as a first division business” is accounted for.