Joint administrators at BDO confirmed significant progress had been made on the conditions attached to Mr Savage’s offer, leading to confidence in proposing an approvable CVA. The rescheduling allows for the finalisation of a complex legal agreement concerning the lease for the land surrounding the stadium. This involves a lease split requiring agreement between the club, current leaseholders, and Highland Council as head landlord. The administrators praised Highland Council for their “swift and pragmatic approach” to the matter.

Presenting a clear proposal to creditors without unfulfilled conditions is paramount, necessitating this short delay. The relevant CVA documents were dispatched to creditors on Monday 19 May.

A spokesperson at BDO said: “We would also like take this opportunity to thank the shareholders that have returned their forms agreeing to cede.

“The response has been remarkable and often accompanied with messages of support for Mr Savage and the club.

“We would encourage every shareholder that has not responded to do so and assist in the final push to exit administration.” 

This positive step follows the earlier announcement of Mr Savage as the preferred bidder and agreements in principle to resolve issues around loan write-offs and property subleases.