The former chairman has put forward a plan to take the League One outfit out of administration.
Alan Savage has been appointed as the preferred bidder for Inverness Caledonian Thistle.
The former chairman has put forward a plan to take the League One outfit out of administration.
There were a number of parties interested but Savage put forward the money to fund administration and many believed he was also going to take control at the other side.
Joint administrators BDO confirmed they will now work with Savage to get a Company Voluntary Agreement with the club’s creditors.
A BDO spokesperson said: “We are delighted to have reached this milestone and would like to place on record our thanks to Alan, the loan creditors, shareholders and everyone at the club for their cooperation and for working so hard to get us to this point.
“Our focus now is on progressing the CVA to ensure a successful exit from administration and secure the future of the club. Together with Alan, we will look to firm up timescales in this regard as soon as possible.”
The administrators have advised that the issues previously reported surrounding the writing off of loans by loan creditors and the uncertainties stemming from the property held on sub lease by the club have been resolved and agreements reached in principle.
A further key condition of the purchase is that 100% of the company’s shareholding is transferred to the purchasing vehicle.
A number of shareholders have already agreed to this and the administrators will now get in touch with the others.
Inverness will also have to pay off all their football debts to the staff and players they made redundant before they can come out of administration.
Caley Thistle are looking for a fresh start to push for promotion from League One next season.
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