The club has today announced that the Chairman of Inverness Caledonian Thistle FC, Mr Graham Rae, has stepped down with immediate effect. Director Alan McPhee has also left the Board.

Both Graham Rae and Alan McPhee were founding members of the Muirfield Mills (MM) group, along with 9 other Invernessians. Since 2012, MM have provided investment to ICTFC of just under £1.1M. The MM Group has made clear it is not in a position to invest further in the club and both Mr Rae. and Mr McPhee say they have resigned to make way for new investors and “with the best interests of the club at heart”.

Their resignations come ahead of an extraordinary general meeting being called by the club on Thursday 3 October which is partially aimed at attracting new directors and new investment in the club as it meets the challenges of a third year in the SPFL Championship.

Mr Rae joined the Board in May 2016 and was appointed chairman in August 2017.

Mr Rae remarked: “Being the Chairman of ICT has been a source of immense satisfaction tempered by the many financial challenges we have faced together while running a football club in the Scottish Championship. I am proud to have led a Board of Directors whose sole motivation has been to do their best for the Club and community, while delivering operational and business continuity. Together, the Board of Directors has implemented many changes and improvements, and our collective achievements are considerable.”

Mr McPhee is the longest serving Director, having joined in January 2015.

Vice-Chairman Mr Ross Morrison will take over as Chairman of the club with immediate effect. The two other directors Gordon Fyfe and Liam Dalgarno remain on the Board.

The new Chairman thanked Mr Rae for his tireless commitment to the club during his time on the Board and as Chairman. He also went on to state: “I respect Graham’s decision, and on behalf of the club, I thank him sincerely for his, professionalism and his significant personal financial investment during his time with the club. My thanks also go to Mr McPhee who has also put in a power of work during his time as a Director.”