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Inverness Caledonian Thistle has been placed under control as it struggles to survive.
The club, which was formed 30 years ago at this time, is in a financial situation and has been looking to increase the budget to move forward.
The struggle of the executive process is to save the club, but the SPFL showed that Inverness were docked 15 points – the club now faces possible relegation from League 1.
Directors will have difficulty finding owners of intact houses, but when this is unsuccessful, properties may be offered and the money raised disbursed to collectors.
An exempt comment from the club said BDO’s James Stephen, Malcolm Cohen and Shane Crooks were appointed joint directors.
A BDO spokesperson stated: “We can confirm that a formal appointment has been made and Inverness Caledonian Thistle is now in administration.
“We understand that 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 try to secure the long-term future of the club in due course.”
It’s vague, but the impact will be on playing and non-playing staff as well as executive Duncan Ferguson, although the process losses are likely to fall on the club.
Breakthrough talks were held with businessman David Anderson about a possible takeover, but ended without commitment.
Next Tuesday, the Consultation Room confirmed that the club had appointed directors.
Losses amounted to £1.2m at the end of the season and the club have predicted a flat loss this time, but that figure does not come with the money spent on restructuring after last season’s relegation from the Championship.
An online fundraising campaign had generated around £87,000, but the target was to reach £200,000 by the end of Wednesday, and would most likely have avoided scrutiny until the end of October.
Caley Thistle said the donations could affect the club’s capital expenditure during the management period and would not be spent on professional expenses.
Team manager Duncan Ferguson has also been working independently to support financial savings.
Tim Cooper, chairman of the UK insolvency firm association R3, said the leadership’s fight would be to save many of the members.
He told BBC Scotland News: “For Caley Thistle fans, this may seem very discouraging and demotivating.
“You can be more confident that if the club follows this process, it will all be achieved through directors appointed to work very hard through that process to save the club.”
Often known as Caley or the Jags, the club was formed in 1994 from the controversial merger of two existing clubs, Caledonian and Inverness Thistle, which dated back to 1885.
He rose through the leagues, reaching the Scottish Premier League in 2004 and enjoying cup glories, including the Scottish Cup in 2015.
The club’s 3-1 victory over Celtic in a Scottish Cup third round match in 2000 prompted The Sun newspaper’s famous headline: “Tremendous Caley Travel Ballistic, Celtic are atrocious.”
But relegation to the third tier of Scottish football earlier this year left Caley trapped in a downward spiral, with fans facing long journeys to attend away games and its finances seriously challenged.
Now, after the deduction of 15 points, the club falls to last place in the league with -3 points. If they finish last after 36 games, they will be automatically relegated.
If they finish at second base, they have a chance to stay up until the play-offs. Without reference to which section they are in that season, they will start with -5 numbers.
