Great investigative journalism into Inverness Caledonian Thistle

[Piethagoram]

 

[Chris]

I can't read the article, since it's behind a paywall, but I do think that investigative journalism is something which still needs to be done.

I hope Inverness Caledonian Thistles overcome all the issues.

As a Scottish team, I have a very soft spot for them because of @GrannyPie. The shirts they wore back then were truly impressive. I really had a thing for football shirts when I was younger. 

[liampie]

could you please post a summary @Piethagoram?

[TheSkipper]

@liampie: Here’s a breakdown for you, mate.

• Ketan Makwana was announced as the new majority shareholder of Caley Thistle, but the deal collapsed at the last moment.
• Seventy7Ventures, led by Makwana, had a £2.5m offer to purchase over 50% of the club’s shares, which was initially accepted by the board.
• Former chief executive Scot Gardiner endorsed the deal, but negotiations were suspended three weeks later, and Gardiner left the club.
• People who previously dealt with Makwana describe him as a "fantasist" prone to exaggeration, who never delivered on his promises.
• Makwana previously attempted to take over Hayes and Yeading United, but negotiations fell through as he did not fulfil his commitments.
• He also promised investments in Krafty Entertainment but failed to provide the funds.
• Makwana made several dubious claims, including working as a special adviser to former Prime Minister David Cameron and contributing to Forbes, neither of which could be verified.
• His vision for Caley Thistle included "ambitious projects" like a hotel, Esports Arena, and a fan park, but experts warned it was unrealistic and raised multiple red flags.

The situation surrounding Ketan Makwana's failed takeover of Caley Thistle underscores significant concerns about the club's leadership and due diligence processes. Makwana, initially set to become the majority shareholder, has been criticised by former associates as someone prone to grandiose promises without delivering results. His history of failed ventures, including attempted takeovers of other football clubs and unfulfilled investment promises in ventures like Krafty Entertainment, paints a picture of a man more inclined to talk than to act. Furthermore, his claims of having served as a special adviser to former Prime Minister David Cameron and contributing to Forbes magazine were found to be unsubstantiated, raising further doubts about his credibility. Despite the ambitious vision he proposed for Caley Thistle, including developments like a hotel, Esports Arena, and a fan park, experts in football finance have warned that such plans are often unrealistic and carry numerous red flags, particularly with the involvement of cryptocurrency.

The abrupt collapse of the deal and the subsequent departure of the club's chief executive, Scot Gardiner, highlight the precarious financial position Caley Thistle found themselves in, especially after facing significant financial setbacks. The fact that the club came so close to handing over control to someone with such a questionable track record reflects deeper issues within its management. Supporters are now understandably concerned and demanding answers about how this situation was allowed to develop. In the end, while the club may have narrowly avoided a potentially disastrous takeover, this episode serves as a stark reminder of the importance of thorough vetting and the risks associated with being seduced by overly ambitious promises. The future of Caley Thistle now depends on finding a more reliable and transparent path forward.

[super_ram]

Another team dodging a bullet. I hope Cally get a good outcome to their problems like my team has after  the crooked Yank was found out

[liampie]

why does it sound like the guy was a lot like alan hardy? 

a "fantasist", i remember when he made a big thing of the indoor training facilities where over a hard gym floor. he just paid someone to put down artificial grass and called it state of the art!! plus he said that he wanted to build a hotel behind the back of the kop.