Duncan Ferguson has revealed he is working for free as Inverness manager to try to help the club through a serious financial crisis.

Ferguson confirmed his gesture 24 hours after interim chairman Panos Thomas appealed for fans to raise £200,000 inside two weeks or see the Highland club go into administration.

The former Dundee United, Rangers, Everton and Newcastle striker is already believed to have taken two significant wage cuts since being appointed manager 12 months ago and is now foregoing his wages.

He said in a media conference: “Obviously I can’t go without a wage forever and ever, because I need to put food on the table myself. But, at the moment, I think needs must. So I’m making sacrifices.

“I just think it’s the right thing for me to do personally. It’s a personal choice.

“It’s not easy, is it? It’s not easy for the club. But, there you go, I’ve made the decision and hopefully it can help.”

The club launched an online appeal on the GoFundMe website on Thursday afternoon and broke through the £10,000 mark a little over two hours after making the link public on social media.

However, there was a further twist later in the day when the club announced that Thomas had resigned from the board with immediate effect because of a “personal family reason” after a two-month spell as interim chairman.

Thomas said: “I would like to thank my fellow directors,  staff and players at the club, the supporters and shareholders for their tremendous support to me during my short time in the role as interim chairman.

“I will always fondly remember the  resilience, tenacity and endeavour of those folk whom I worked with.

“It is now time for me to hand over to others to find a way forward for the club that I have supported wholeheartedly since moving to the Highlands to live.  I wish everyone at the club the very best for the future.”

The League One club have already opened talks with administrators and the Scottish Professional Football League but hope fans and others can stave off the immediate threat of insolvency.

However, Thomas stated on Wednesday that the club would need to raise up to £1.6million through the course of the season to pay off creditors and meet cash requirements.