INVERNESS have raised more than half of the funding required to stave off the Championship club's financial concerns, according to chairman Ross Morrison.

The club held an Extraordinary General Meeting (EGM) last week after previous chairman Graham Rae and director Alan McPhee resigned from their respective roles at the club, and Morrison revealed that Caley Thistle have raised over £250,000 of their £500,000 target since.

Consortium Muirfield Mills pulled their funding when Rae and McPhee left Inverness, with Morrison admitting that each year spent in Scotland's second tier resulted in a £800,000 loss for the club.

But Morrison has revealed that Inverness are now halfway to securing the £500,000 that the club requires - and said that he is confident that the remaining sum can be raised.

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"The EGM was needed because the club was going towards a cliff edge," he said.

"We have a hole of around £500,000 we need to fill which we identified six or seven weeks ago, and myself and Scot [Gardiner, the club's chief executive] have been talking to people that have said before they would help the club.

"We have already been pledged £250,000 of it, and we are well on our way to the other £250,000. We are reasonably confident, but we are not there yet.

"It’s a better situation now than it was before the EGM."