Football

Scottish SPFL club SOLD in shock move as new owner sweeps into power

Published

4 months ago

July 26, 2024

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Scottish SPFL club SOLD in shock move as new owner sweeps into power

INVERNESS CALEY THISTLE have put an end to months of speculation by announcing a takeover by new owners.

The Highland club have had a rocky time on and off the pitch and were relegated from the Championship last season under manager Duncan Ferguson.

Inverness Caley Thistle have been a crisis club over the last few months but have now found the new investor they’ve been looking forCredit: SNS

The Highland club were relegated to League One under boss Duncan Ferguson last seasonCredit: Ken MacPherson – Commissioned by The Sun Glasgow

Caley were defeated 5-3 on aggregate by Hamilton Accies in the relegation playoffCredit: SNS

The League One outfit admitted last month that they were at risk of insolvency due to financial concerns.

But the Caley board has now accepted a takeover bid from investment group Seventy7 Ventures.

The club said: “The Board of Directors of Inverness Caledonian Thistle Football Club can confirm that they have accepted an offer for a majority shareholding in the club.

“The club have been involved in intensive discussions with Seventy7 Ventures, a UK-based sports, entertainment and leisure group and are confident their investment will secure the future of the club.”

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Fans who had been unsure whether they’d still have a club to support going into the new season were quick to voice their relief on X, formerly Twitter.

One supporter said: “WE HAVE A CLUB TO SUPPORT.”

Another quipped: “opinion here>.”

A third commented: “We’ve been SAVED!”

However, not all of the reaction was positive, with one comment reading: “I’m incredibly doubtful this is going to go well.”

Another said: “Sceptical about it to say the least.”

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Club spokesperson Panos Thomas said: “We have received a formal offer to acquire a major shareholding and voting rights of the company and this has been unanimously accepted by the Board.

“Ketan Makwana, the Executive Chairman of Seventy7 Ventures, has been a most dynamic suitor for the club in the past few weeks and following the most recent meeting with him in Inverness when he outlined his vision and passion for what the club could become, it was clear those plans and the financial backing of Seventy7 Ventures will give ICTFC the best opportunity to flourish again.

“This is very good news for the club as we strive to establish a more sustainable business and build a team that will in the first instance, return us to the SPFL Championship.”