Inverness Caledonian Thistle enter administration as Duncan Ferguson departs
SPFL confirm Inverness CT hit with 15-point deduction after entering administration; club now bottom of League One and 12 points from safety; Duncan Ferguson departs after meeting with administrators; Adam Brooks, Cameron Ferguson, Flynn Duffy, Wallace Duffy and Jack Newman also released
Thursday 24 October 2024 13:09, UK
Duncan Ferguson has left his role as manager of Inverness Caledonian Thistle, just one day after the club were placed into administration.
The Scottish League One side - who were issued with a 15-point deduction by the SPFL as a result of their financial issues - said the decision was made by the joint administrators "following the ongoing review of the financial position".
Inverness are now bottom of the table on -3 points - 12 points behind their closest rivals - and will likely move to part-time football if they are relegated for a second consecutive season.
The club also released Adam Brooks, Cameron Ferguson, Flynn Duffy, Wallace Duffy and Jack Newman in a bid to cut costs.
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Ferguson had donated his wages to a crowdfunding page that was aiming to raise £200,000 so the club could see out the month, however that fell short of its target by last week's deadline.
Caley Thistle also needed between £1.4m to £1.6m to continue until the end of this season.
Talks were held with investors in the UK, United States, Denmark and the UAE over a takeover but no deal was agreed, with administrators now tasked with finding new owners. If unsuccessful - they could sell assets to raise funds for creditors.
A statement from the club on Tuesday said that James Stephen, Malcolm Cohen and Shane Crooks of BDO had been apppointed as joint administrators.
A spokesperson for BDO said: "We can confirm a formal appointment has been made and Inverness Caledonian Thistle is now in administration.
"We understand this will be a difficult and uncertain time for the club, its staff, its loyal fan base and the local community.
"The administrators will be in a position to provide further information and their plan to seek to secure the long-term future of the club in due course."
