Inverness hurtling towards administration as potential saviour won't bid – the latest on stricken Caley Jags

Inverness look likely to be heading for administration - after potential investor David Anderson has decided not to make a last-minute bid to save the troubled Highland club.

The Highland businessman Anderson held talks with the Caley Thistle board yesterday. Those talks were positive but having seen the books Anderson has decided this morning it is almost impossible with rising debts in excess of £3 million. The crippling debts and monies and loans owed to former directors make it almost impossible to fund. Anderson wanted to save the club from administration but isn't looking to take the club over in the long-term.

He was willing to put in around £1.2 million but the club feel it needs a lot more to get the club back on an even keel. The Inverness board had given the investor until noon today as a deadline but they have been informed that the IT and finance businessman won’t be pursuing his interest. Inverness has already started the work with potential going into administration.

They have done the pre-administration work and laid the foundations with BDO. The Highland club had previously tried to raise £200,000 via a Go Fund Me page to keep the club afloat in the short-term. They only managed to raise just over £85,000 and that money will now go into the running of the club and possible administration.

Former chairman Alan Savage is looking to get a plan to get the club back on the straight and narrow. PFA (Scotland) have held talks with the Inverness players and warned them as to what to expect in the worst case scenario. It is likely to lead to job losses and a points deduction for the struggling League One club.