Inverness Caley Thistle enters administration amid financial turmoil

Inverness Caley Thistle has entered administration after failing to reach a deal with a potential buyer.

The Highland club confirmed on Tuesday that James Stephen, Malcolm Cohen and Shane Crooks at BDO have been appointed as joint administrators.

On Friday, the League One side stated that a plan was in place to ensure the club could continue trading whilst efforts to secure a long-term future were explored.

Talks with prospective buyers DA Capital ended “amicably” and getting back around the table was not ruled out.

Discussions over a takeover had been ongoing between interim chairman Scott Young and businessman David Anderson.

However, the Thursday deadline for a potential new owner passed without a deal being completed.

Inverness, who played in the Premiership until 2017 and won the Scottish Cup in 2015, will now be hit with a 15 point deduction and a likely relegation to the fourth tier of the SPFL pyramid.

A spokesperson at BDO said: “We can confirm a formal appointment has been made and Inverness Caledonian Thistle is now in administration.

“We understand this will be a difficult and uncertain time for the club, its staff, its loyal fan base and the local community. The Administrators will be in a position to provide further information and their plan to seek to secure the long term future of the Club in due course.”

The SPFL said: “The Scottish Professional Football League (SPFL) has today confirmed the imposition of a 15-point deduction for Inverness Caledonian Thistle, as per SPFL rules on clubs suffering an insolvency event.

“The William Hill League One table has been updated accordingly.”