The ownership of Inverness Caledonian Thistle has taken another twist after the club suspended takeover negotiations with Seventy7 Ventures.

In a surprise turn of events, former chairman Alan Savage has returned to “oversee the organisational restructure of the club”.

The financially struggling League 1 club revealed last month it had accepted an offer from the Windsor-based sports, entertainment and leisure group as it sought to avoid administration.

However, that proposed deal is now on hold with the news coming not long after it emerged the Scottish Professional Football League is looking into complaints about loan fees still owed to Premiership clubs Dundee (Cammy Kerr) and Ross County (Alex Samuel) from last season.

Interim chairman Panos Thomas took to X, formerly Twitter, to say: “Working alongside the club’s board of directors, Savage has taken the initiative to oversee the organisational restructure of the club as they seek to remedy their financial issues, with chief executive officer Scot Gardiner leaving his role with immediate effect.

“The club have also suspended negotiations with Seventy7 Ventures, who had been seeking to acquire a majority shareholding, with Savage beginning immediate work carrying out an internal forensic review of the club’s financial position to establish plans for the club’s future and setting the team into a viable position for new ownership.

“Savage and the board are now looking to rejuvenate the connection between Inverness Caley Thistle and the community, which will be integral to the long-term future of the club, and are seeking support from local businesses to address the immediate financial shortfall until further long-term investment can be secured.”

Savage made his money as chairman of Inverness-based engineering recruitment business Orion Group and led Caley Thistle between 2006 and 2008 while they were in the top flight.

Discussing the proposed takeover at the time, Seventy7 Ventures’ chief executive Ketan Makwana said they would lead the club “to future prosperity”.