SNSInverness Caledonian Thistle plans to enter administration next week after the club failed to reach a deal with an interested buyer.
Talks had been ongoing between interim chairman Scott Young and businessman David Anderson.
However, the club – who earlier this month said it was facing administration – said talks had ended without a deal being reached.
Administration would hit the club with a 15 point penalty and likely lead to the side being relegated from League One, where it currently sits second bottom.
In a short statement given to the BBC on Friday evening the directors said they have signed a notice of intention to appoint administrators which will be filed in court.
The statement said: “We envisage that the proposed administrations will be appointed on Monday or Tuesday.
“A plan is in place to allow the club to continue to trade whilst efforts to secure a long-term future are explored.”
A deadline for interested buyers had initially passed on Thursday but fans had remained hopeful finance and IT entrepreneur Anderson could strike a deal.
The club had earlier stated: “Whilst a deal was not reached, negotiations on a purchase ended amicably and DA Capital are welcome back to the table once the club’s financial situation is under control.”
Mr Anderson is the director of Cullen-based DA Capital Ltd.
Financial difficulty
It added that the board would make a further statement in due course.
ICT are currently seeking £200,000 to avoid administration in October, with a crowdfunding website set up to meet that target currently sitting at just over £86,000.
Losses ran to £1.2m last season and a similar loss is forecast for this term.
However the club have warned that figure would not include money spent on restructuring following relegation from the Championship last season.
Manager Duncan Ferguson is working for free to help the club save money, and earlier this week said that his squad have had discussions with the players’ union PFA Scotland amid the uncertainty.
