Businessman Alan Savage has been appointed preferred bidder to takeover Inverness Caledonian Thistle.

The club was placed into administration last October after running up large debts.

The administrators warned earlier this month that the Caley Jags were at “significant risk” after an unsuccessful attempt to find a new owner.

Mr Savage, who has been providing funding since last summer, said earlier this month his offer was on condition of him taking 100% control and all long-term loans were written off.

His offer was due to expire on 11 April.

The Scottish League 1 club is now expected to exit administration at the end of the season.

On Thursday, he said he was delighted his offer had been accepted by the club and joint administrators.

Mr Savage, a former chairman of Caley Jags, told a press conference he wanted to develop Inverness’ youth academy and looked forward to climbing the leagues in the future.

He added: “It would be a real shame – and embarrassment – if Inverness was liquidated.

“It is an important part of the community and I could let it fail.”

He said the club was striving for Championship status.

Mr Savage said Nessie would also be reinstated as Inverness’ mascot.

The legendary Loch Ness Monster is the inspiration for the club’s Lionel Nessie, who made his “debut” at a cup final in 2018 but reportedly rarely seen in recent seasons.

Administrators BDO said it had been possible to appoint Mr Savage as preferred bidder after agreements in principle were reached on a number of issues, including the writing off of loans by loan creditors.

The joint administrators said a number of shareholders had agreed to Mr Savage taking 100% control of the club.

A spokesperson said: “We are delighted to have reached this milestone and would like to place on record our thanks to Alan, the loan creditors, shareholders and everyone at the club for their cooperation and for working so hard to get us to this point.”