The directors of Inverness Caledonian Thistle have agreed to write off loans or convert them into equity in order to put the club on a better financial footing.
The Scottish League 1 club had suspended takeover talks with Seventy7 Ventures and tasked former chairman Alan Savage with improving its struggling finances.
The SPFL investigated complaints about unpaid loan fees to fellow SPFL clubs Dundee and Ross County. Livingston was also owed money by Inverness.
Savage, a former chairman of Inverness-based engineering recruitment company Orion Group, led Caley Thistle between 2006 and 2008.
A major sticking point is the level of debt the club is carrying and Monday’s board meeting brought together many of those who have invested in the club, including former chairman Ross Morrison and directors David Cameron and Graeme Bennett.
Savage says he has invested around £200,000 in the club in the past week, making Saturday’s 1-1 draw at home to Montrose possible, and believes the debt reduction makes the club more attractive to potential buyers.
A statement said: “The club has successfully reached agreement with stakeholders, including Ross Morrison and David Cameron, who have long been key financial supporters of the club. The agreement is to convert the loans to the club into equity. This will be a massive step in securing the club’s financial position.”
Savage added: “The decisive action of the board and shareholders will enable us to put the club back on a sound financial footing and I welcome the support they have shown the club during this time of need.”
