Scottish Championship Side Inverness Caledonian Thistle Secures £500,000 Investment
Scottish Championship side Inverness Caledonian Thistle's board said that it secured £500,000 ($643,200) of "new investment" to address "financial shortfalls," according to the BBC. The announcement followed a "financial health check" by accountants on the club's business plan. Inverness Chair Willie Finlayson "is also to be succeeded" by Graham Rae at the end of September. The club's board said in a statement, "The results [of the financial health check] identified some gaps and opportunities for improvement. Steps were taken quickly to address this situation. We are pleased to report that, by the end of September this year, the club will have secured £500,000 of new investment, which will be fully utilized towards addressing past and current financial shortfalls." Inverness was relegated from the Scottish Premiership last season following seven years in the top flight and "underwent a series of boardroom changes" as well as the appointment of a new manager in John Robertson. The club also appointed Danny McDonald as CCO. Inverness hopes to finalize a deal with construction firm Tulloch Group to take ownership of the Tulloch Caledonian Stadium. The board statement added, "The Tulloch Group very generously offered in December 2016 to gift the stadium back to the club, write off arrears of rent that had accumulated and ensure we could move forward on a rent-free basis" (BBC, 8/14).