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Coventry Have New Owners; 16 Months
Topic Started: Jun 27 2013, 04:35 PM (146 Views)
Coorslite
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Frank Worthington
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The joint administrator at Coventry has confirmed the sale of the football club to Otium Entertainment Group has been completed.

Four bids were lodged for the club two weeks ago and Otium have seen off the competition to take control.

A statement from Paul Appleton read: "This has been no ordinary football administration and I have tried to undertake a sale process which allows the Club to compete in all of next season's competitions.

"Obviously, one of the key points now is to determine where the Club plays its football next season, but that is a matter for the purchasers and the Football League.



"In this regard, the offer made by ACL to allow the Club to play at the Ricoh was dependent on Limited remaining in administration and was based on the mistaken belief that Limited had the ability to field a team.

"However, as I've stated on many occasions, it is Holdings which employs the players and, consequently, Limited was never in a position to take up the offer.

"The Football League have been kept closely informed of developments and I am continuing to work closely with them so that the process of transferring the share can begin."

The Sky Blues and Arena Coventry Limited (ACL), who run the Ricoh Arena on behalf of joint owners the Alan Edward Higgs Charity and Coventry City Council, have been involved in a lengthy and bitter rent row which has been ongoing for around 16 months.


Is There anyone out there for us :crying:
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Des
Malcom Page
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I dont think this coventry thing is over, not by a long chalk, cant see the stadium owners cutting a reasonable deal if they have lost out on buying the club.

KRO
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ArtCan
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Geoff Horsfield
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Des
Jun 28 2013, 08:55 AM
I dont think this coventry thing is over, not by a long chalk, cant see the stadium owners cutting a reasonable deal if they have lost out on buying the club.

KRO

Des: Do you know where Coventry played their home matches after they were locked out of their stadium in March. I heard they were going to ground-share with Walsall, but never found out for sure.
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mad4theblues
Alex Govan
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ArtCan
Jun 28 2013, 03:42 PM
Des
Jun 28 2013, 08:55 AM
I dont think this coventry thing is over, not by a long chalk, cant see the stadium owners cutting a reasonable deal if they have lost out on buying the club.

KRO

Des: Do you know where Coventry played their home matches after they were locked out of their stadium in March. I heard they were going to ground-share with Walsall, but never found out for sure.

I'm pretty sure the stadium owners allowed them to stay
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ArtCan
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Geoff Horsfield
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mad4theblues
Jun 28 2013, 03:58 PM
ArtCan
Jun 28 2013, 03:42 PM
Des
Jun 28 2013, 08:55 AM
I dont think this coventry thing is over, not by a long chalk, cant see the stadium owners cutting a reasonable deal if they have lost out on buying the club.

KRO

Des: Do you know where Coventry played their home matches after they were locked out of their stadium in March. I heard they were going to ground-share with Walsall, but never found out for sure.

I'm pretty sure the stadium owners allowed them to stay

You may be right. The issue may have died. Thx for the reply.
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NeilM
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Frank Worthington
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coorslight
Jun 27 2013, 04:35 PM
The joint administrator at Coventry has confirmed the sale of the football club to Otium Entertainment Group has been completed.

Four bids were lodged for the club two weeks ago and Otium have seen off the competition to take control.

A statement from Paul Appleton read: "This has been no ordinary football administration and I have tried to undertake a sale process which allows the Club to compete in all of next season's competitions.

"Obviously, one of the key points now is to determine where the Club plays its football next season, but that is a matter for the purchasers and the Football League.



"In this regard, the offer made by ACL to allow the Club to play at the Ricoh was dependent on Limited remaining in administration and was based on the mistaken belief that Limited had the ability to field a team.

"However, as I've stated on many occasions, it is Holdings which employs the players and, consequently, Limited was never in a position to take up the offer.

"The Football League have been kept closely informed of developments and I am continuing to work closely with them so that the process of transferring the share can begin."

The Sky Blues and Arena Coventry Limited (ACL), who run the Ricoh Arena on behalf of joint owners the Alan Edward Higgs Charity and Coventry City Council, have been involved in a lengthy and bitter rent row which has been ongoing for around 16 months.


Is There anyone out there for us  :crying:

They are in effect not new owners, they are the old owners, SISU, who created a new company to take over, and in the mess they created, they were the largest creditor, so had first dibs because they, SISU, basically wouldn't agree terms with anyone else in replaying the owed amounts, of course their new company agreed to the payment terms with the old company.

It stinks worse than our lot, and that is saying something.
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Des
Malcom Page
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Good Research Neil! so just as i feared, if newco have to pay sisus debt in as near a pound in the pound then very soon they will be back in same mess, move over Pompey room for one more on board!

KRO
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