Inverness Caledonian Thistle have entered administration after a late bid to save the Scottish League One side failed.
The club launched a crowdfunding page to raise £200,000 to see out the month, but they did not reach the target by last week’s deadline.
Manager Duncan Ferguson donated his wages and has been working for free in a bit to save the struggling club who needed between £1.4m to £1.6m to continue until the end of this season.
They are now set to be hit with a 15-point punishment from the SPFL for entering administration, with the club all but certain to move to part-time football if they drop into League Two.
Caley Thistle were relegated from the Championship in the summer and are seventh in League One – just three points clear of bottom spot.
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 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.”
