Inverness Caledonian Thistle enter administation

Inverness Caledonian Thistle has been placed into administration as the club fight for their survival.

The club, which was formed 30 years ago this year, is in financial crisis and had been trying to raise funds to keep going.

The aim of the administrative process is to rescue the club, but the SPFL confirmed Inverness had 15 points deducted - the club now faces potential relegation from League 1.

Administrators will attempt to find new owners, but if that is unsuccessful assets could be sold and the money raised distributed to creditors.

A statement released by the club said that James Stephen, Malcolm Cohen and Shane Crooks of BDO had been appointed 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.”

Talks were held last week with businessman David Anderson about a possible takeover but they ended without agreement.

Then on Tuesday, the Court of Session confirmed that the club had appointment administrators.

Losses ran to £1.2m last season and the club has forecast a similar loss this year, but that figure does not include money spent on restructuring following relegation from the Championship last season.