GO GADGET GO Posted 27 October 2007 Posted 27 October 2007 Sky Blues close to dealOct 27 2007 COVENTRY CITY look set to sign a deal to save the club. The Coventry Telegraph can reveal that a group of British investors has come up with a financial package to take over the club and the Ricoh Arena. The bid, which involves an investment of at least £30million, will save the Sky Blues from administration. Although the offer has yet to be formally approved, it is understood to be acceptable both to the club's bankers, the Co-op, and to ACL, the company which owns the Ricoh. Intensive talks yesterday ended with an upbeat meeting of the football club board. Story continues ADVERTISEMENT There was no formal agreement but directors will meet again on Tuesday when a deal could be struck. The new investors are extremely optimistic about the future of the club and the arena. A second bid on the table from another group was rejected as unacceptable, particularly to the Ricoh owners. It is understood that the Sky Blues could have gone into administration as early as Monday. But the prospect of a takeover has saved the day. The club's financial crisis is so severe that there was not enough money left to pay the players' wages, which are due on Monday. If the club had gone into administration it would have dealt a devastating blow, with no money and the loss of 10 points under Football League rules. That would have seen them plummet to the bottom of the Championship division with no prospect of promotion to the cash-rich Premier League. But the prospect of a takeover and new investment saved the day. The investors who have come up with the deal have no current connection with the club. Final details have yet to be ironed out for the sale of the Ricoh, which is owned equally by the Higgs Charity and Coventry City Council.
Micky Ruddle Posted 27 October 2007 Posted 27 October 2007 WA^KERS WA^KERS WA^KERS Oh well, there's always next time
GO GADGET GO Posted 27 October 2007 Author Posted 27 October 2007 it really annoys as when we went into admin they were at the walkers (tues night promotion season we won) & the foxes trust were in the middle of the pitch at half time talking about saving the club etc etc & cov supporters were booing, the foxes trust chap said"i hope it never happens to you"I thought it was going to happen next week but yorkshire bank look like bailing them out along with one of the Ricohs landlord. Tossers
Foxes_Trust Posted 27 October 2007 Posted 27 October 2007 it really annoys as when we went into admin they were at the walkers (tues night promotion season we won) & the foxes trust were in the middle of the pitch at half time talking about saving the club etc etc & cov supporters were booing, the foxes trust chap said"i hope it never happens to you"I thought it was going to happen next week but yorkshire bank look like bailing them out along with one of the Ricohs landlord. Tossers And our guy that night also said "We will help you lot, if you ever face it". The national body of Trusts, Supporters Direct were at a meeting in Coventry only last Thursday, so we knew there were in serious trouble if an investment deal couldn't be sorted quickly
Bert Posted 27 October 2007 Posted 27 October 2007 I'd never wish this on any club, because how would we feel if this happened to us?
hebangsthedrums Posted 28 October 2007 Posted 28 October 2007 I'd never wish this on any club, because how would we feel if this happened to us? Same here. Except Leeds of course.
Stevosevic Posted 28 October 2007 Posted 28 October 2007 it really annoys as when we went into admin they were at the walkers (tues night promotion season we won) & the foxes trust were in the middle of the pitch at half time talking about saving the club etc etc & cov supporters were booing, the foxes trust chap said"i hope it never happens to you"I thought it was going to happen next week but yorkshire bank look like bailing them out along with one of the Ricohs landlord. Tossers I'm going to be picky, it was a Saturday night, 5:30 game.
DanTheFoxBhoy Posted 28 October 2007 Posted 28 October 2007 I wouldn't wish it on any club - it's always a tragedy for grass roots support when a club dies. It would have even been a tragedy for English football if Leeds had ceased to exist.
Finnegan Posted 28 October 2007 Posted 28 October 2007 As long as it didn't ruin them completely, I'd wish it on Cov. They're the only football club in a fairly sizable city, it's a decent enough prospect for any buyout when the price drops enough and the board / stadium owners get desperate. Three or four seasons in the dark and they'd reemerge, unless I'm seriously being THAT immensely financially naive, which I don't really think I am. -10 points to Cov and I'd be £50 the richer, so.
Fez of Mahrez Posted 29 October 2007 Posted 29 October 2007 I'm going to be picky, it was a Saturday night, 5:30 game. Don't think it was. We won 2-1 with a Brian Deane brace and I'm sure it was a Tuesday cos I went straight to Fan Club afterwards.
Manwell Pablo Posted 29 October 2007 Posted 29 October 2007 Don't think it was. We won 2-1 with a Brian Deane brace and I'm sure it was a Tuesday cos I went straight to Fan Club afterwards. I think thats right, the Home game was definatley on a Chooseday night. I remember the away game like it twas yesterday, Billy McKinley you aren't suppose to be able to strike a ball like that.
Fez of Mahrez Posted 29 October 2007 Posted 29 October 2007 I think thats right, the Home game was definatley on a Chooseday night.I remember the away game like it twas yesterday, Billy McKinley you aren't suppose to be able to strike a ball like that. Dyspraxia at its finest?
Manwell Pablo Posted 29 October 2007 Posted 29 October 2007 Dyspraxia at its finest? I did that on purpouse. Poor sense of humour at it's finest.
Fez of Mahrez Posted 29 October 2007 Posted 29 October 2007 I did it that on purpouse. Poor sense of humour at it's finest. I thought you might have done, hence the question mark.
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