INVERNESS Caledonian Thistle have called an Extraordinary General Meeting to take place on Thursday night as the club seek further investment to stop the Highlanders slipping into administration.
Last week, chairman Graham Rae and director Alan McPhee resigned from their respective roles at the club, resulting in no further investment from consortium Muirfiled Mills.
Inverness have no debt but the day-to-day costs have running the club are presently unsustainable, with each season spent in the Championship costing the club around £800,000.
Chief executive Scott Gardiner told the Daily Mail: "We need working capital. Our revenues are through the floor in the Championship.
READ MORE: Inverness Caledonian Thistle chairman Graham Rae resigns
"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 find working capital 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."
Why are you making commenting on The Herald only available to subscribers?
It should have been a safe space for informed debate, somewhere for readers to discuss issues around the biggest stories of the day, but all too often the below the line comments on most websites have become bogged down by off-topic discussions and abuse.
heraldscotland.com is tackling this problem by allowing only subscribers to comment.
We are doing this to improve the experience for our loyal readers and we believe it will reduce the ability of trolls and troublemakers, who occasionally find their way onto our site, to abuse our journalists and readers. We also hope it will help the comments section fulfil its promise as a part of Scotland's conversation with itself.
We are lucky at The Herald. We are read by an informed, educated readership who can add their knowledge and insights to our stories.
That is invaluable.
We are making the subscriber-only change to support our valued readers, who tell us they don't want the site cluttered up with irrelevant comments, untruths and abuse.
In the past, the journalist’s job was to collect and distribute information to the audience. Technology means that readers can shape a discussion. We look forward to hearing from you on heraldscotland.com
Comments & Moderation
Readers’ comments: You are personally liable for the content of any comments you upload to this website, so please act responsibly. We do not pre-moderate or monitor readers’ comments appearing on our websites, but we do post-moderate in response to complaints we receive or otherwise when a potential problem comes to our attention. You can make a complaint by using the ‘report this post’ link . We may then apply our discretion under the user terms to amend or delete comments.
Post moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours.
Read the rules hereLast Updated:
Report this comment Cancel