The Coventry Effect

[UnitedBlade]

ACL filed to have CCFC put into administration. High Court tomorrow.

STATEMENT FROM ARENA COVENTRY LIMITED 13 MARCH 2013: Embargo for 19.00

The Board of Arena Coventry Limited (ACL) announces that it has made an application to the High Court in London to request that it make an administration order against Coventry City Football Club (CCFC). The application relates to CCFC's failure to pay ACL £1.3m in rent that ACL is lawfully owed for CCFC's use of the Ricoh Arena.

The application to the High Court now means that:
� At a date in the next few weeks, the High Court will consider CCFC's financial position, and whether it is fit to continue trading. If the High Court rules that this is not the case, CCFC will be placed into administration.
� If the High Court determines that CCFC should be placed into administration, the High Court will then appoint an administrator to sell CCFC to a buyer that is able to restore financial stability to the Club.
� It will provide for an interim period, pending the outcome of the hearing, during which other parties (including CCFC owner, Sisu) will be unable to wind-up or liquidate CCFC.

Nicholas Carter, Chairman, Arena Coventry Limited, said: "It is highly unfortunate that we have had to take this course of legal action. Had we not taken this action, then the alternative might have been catastrophic for CCFC.
"We are owed a considerable amount of money in rent arrears. While it is imperative that ACL takes action to recover these arrears and to stop the arrears growing, it is important for us to find a solution that can provide for the survival of the Sky Blues. Hopefully this action will ultimately put CCFC on a stable financial footing for the future.

"Following recent statements in the media from the CCFC's owners threatening the Club with liquidation, we are keen to stop this from happening. Our action prevents Sisu simply closing CCFC and walking away from the situation

 

[blade too long]

Flip side is that there is very little being built anywhere at the moment so now is not the ideal time for selling brown field development sites.

.

brown field , looked very green on tv last week , they could argue its a green field site
a meadow with viewing areas

 

[Pittsburg Blade]

Well Wednesday wiped out around £25m of debt thanks to HMRC letting them trade insolvently and the Co-op Bank waived the debt.

Not bad. Debt wiped out and no points deducted.

Basically, bankruptcy without any penalties. Not bad if you can get it.

 

[TakeTheHighRoad]

I wouldnt say Portsmouth were stronger, or Luton , or Chester or Rushden and Diamonds

I'd say Chester are stronger. They're owned by the fans now and there's no chance Steven Vaughan can get back in there.

Promotion is all but guaranteed this season and they're back to where they were when they went out of business, three years ago. Not bad, all in all

 

[mattbianco1]

Neither will go bust... Move along... Nothing to see here.

Lets just concentrate on getting behind the lads tomorrow

 

[Selly]

Neither will go bust... Move along... Nothing to see here.

Lets just concentrate on getting behind the lads tomorrow

I have to disagree. I can see Portsmouth going, albeit at the end of the season.

Remember the FL will not let them start another season in Administration.

Coventry is an odd one, the Ricoh is a football stadium, without a football team paying at Championship level rents, what on earth do you DO with the stadium. It isn't like Fratton park which you could reasonably demolish without taking a massive write off.

It's not even like you could stick a roof on it and convert it to a massive indoor arena, there is one of them next door!!!