A well-known SPFL team that decided against allowing Rangers to play in the top division of Scottish football is about to file for bankruptcy.
Back in 2012, Inverness Caledonian Thistle announced their plan to vote against the admittance of a reconstituted Rangers team to the SPL.
With Hearts, Dundee United and Hibernian also revealing their voting intentions early, when Aberdeen went public over their plans to vote no it doomed Rangers to the bottom tier of Scottish football.
Twelve years later, the roles are drastically different as Rangers get ready for a Europa League match against Lyon at Ibrox, while Inverness Caledonian Thistle confirms their dire financial predicament.
Inverness on the verge of taking over
Inverness has acknowledged that in order to avoid going bankrupt, they will need to raise about £200k in the upcoming two weeks.
In an attempt to delay administration, the Caledonian Stadium team has started a crowdsourcing effort.
We don’t think many Rangers supporters will contribute to the pot.
This season’s finances are expected to show a loss of £1.2 million due to relegation to League One, after Caley Thistle posted a loss of £600k the season prior.
By the conclusion of the season, Inverness says they would require up to £1.6 million in more cash, failing which they will have to find another buyer.
Interim Inverness Caledonian Thistle chairman Panos Thomas confirmed the news, and in a last-ditch effort to stave off administrators, the club also put out a call for new fundraising concepts.
It comes after the club’s imminent financial collapse was averted by the substantial £350k donation made by former ICT chairman Alan Savage, with an additional £200k needed.
The announcement follows a harsh financial assessment of ICT’s current status, with Savage’s dependability unavoidably coming to an end.
Thomas concluded a long statement on the ICT website with the following words:
“As interim chairman, I regret having to write to you in this manner, but you must be fully aware of the situation as it stands right now. Rest assured, however, that we will keep working tirelessly and looking into every possibility to get the club back into a financial balance that will secure its future for many years to come, with the support of the board, shareholders, fans, and stakeholders.”
Fans in Inverness put pressure on the club to reject Rangers.
Ten of the twelve teams in the Scottish Premier League voted against Rangers’ re-admission, preventing the Ibrox team from playing in the league.
The former holding company of the Ibrox club went through administration and then liquidation before the Gers were finally allowed to play in the lowest division of Scottish football.
Chairman of Inverness Caledonian Thistle Kenny Cameron stated at the time that the Highland club prioritised “sporting integrity” when making its decision and that it had consulted with supporters.
Cameron stated, as cited by the Glasgow Times:
It is reasonable to state that more than 95% of the enquiries cited the question of sporting integrity as the justification for their refusal to renew their season tickets and for not wanting the new team to be accepted.
“Financially, we looked at all the eventualities and, to be honest, none of them were good for our club. It is really upsetting to be negatively impacted by something that is not our fault, and sadly, this is the case for all the other SPL clubs.
“Supporters of several other SPL clubs have also contacted us, threatening to boycott Inverness if we did not acknowledge that sporting integrity was paramount. However, this is something we had previously thought about, and the integrity of Scottish football is also at risk.
Cameron later stated, “If we disregarded the overwhelming demand of our own paying customers—who are, after all, what Caley Thistle are all about—we would be in a completely untenable position, both financially and morally.”
It was evident that everyone relished the opportunity to get “a wee fly kick at Rangers” during the team’s financial difficulties.
However, as they say, what goes around comes around, and you won’t find many people down Ibrox Way who feel sorry for Inverness.
Ice cream and jelly anyone?
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