Coventry City are right back in the woods
It appears that any optimistic talk generated by this week’s previous story on Coventry City may have been premature, owing to the potentially disastrous consequences of today’s final administration hearing.
August 2nd, 2013
Arena Coventry Limited, which owns and operates the Ricoh Arena, have refused to agree on a CVA which would have seen City come to terms – and out of administration. This latest setback comes only a day before the start of the new League One season and will quite probably result in a 15-point deduction before a ball has been kicked due to – and say this with all the dread it deserves – possible liquidation.
Before everyone gets into golden shares and who owns what, let’s just take a moment to address the complaint lodged to the Football League by ACL yesterday.
As the deal to purchase Coventry City made by Otium Entertainment Group had not yet been completed, the stadium owners have registered their dismay that the club was able to make the move to Northampton Town’s Sixfields Stadium to play their home games for the next three seasons.
You’d be upset too if your new boss had transferred you to an office over thirty miles away before he’d even accepted the job at the end of his interview; and all because you owed the company £1.2 million pounds in unpaid office rent. Well, it was either that or the awkward joke you made about his wife at the water cooler before he went in for the interview.
Not that such personal matters are affecting the situation; not that “CCFC has been the subject of a ‘catastrophic insolvency’ in the hands of its previous owners,” according to ACL in a statement revealing why they turned down the CVA. Their aim is to keep Coventry City playing in Coventry, and to ensure its future survival and prosperity. Which is probably why they offered to drop their rent significantly to make it happen and, when it didn’t, why the Sky Blues’ first home game against Bristol City next Sunday will still be played in Northampton…if at all.
Emergency meetings between the Football League and other reps are in progress, we understand.