skybluebeduff
Well-Known Member
Coventry City Football Club today moved to reassure supporters about the long term future of the club after its accounts were not filed on time.
The club's accounts were due to be filed by February 29, 2012. As a consequence of missing the deadline a temporary transfer embargo came into force last night.
Tim Fisher, chief executive of Coventry City Football Club, explained: "We want to be 100 per cent transparent and open about the situation so our supporters are left in no doubt about what is happening.
"Our accounts were due on February 29. As part of the accounts submission process then we have to be able to show committed funding out for the next financial year and, at this stage, we could not do this as we, the board, are still in the process of agreeing and negotiating budgets with the owner.
"There is nothing untoward about this and it is perfectly normal to be negotiating funding with the owner. We would hope to secure funding commitments in the very next few weeks.
"The owner has previously funded the club for a period of more than four years and, is currently reviewing our budget proposal for the coming year.
"We totally understand and appreciate that supporters might be concerned, but while the situation is far from ideal, we are confident it will be resolved very soon."
http://www.ccfc.co.uk/page/NewsDetail/0,,10269~2630428,00.html
The club's accounts were due to be filed by February 29, 2012. As a consequence of missing the deadline a temporary transfer embargo came into force last night.
Tim Fisher, chief executive of Coventry City Football Club, explained: "We want to be 100 per cent transparent and open about the situation so our supporters are left in no doubt about what is happening.
"Our accounts were due on February 29. As part of the accounts submission process then we have to be able to show committed funding out for the next financial year and, at this stage, we could not do this as we, the board, are still in the process of agreeing and negotiating budgets with the owner.
"There is nothing untoward about this and it is perfectly normal to be negotiating funding with the owner. We would hope to secure funding commitments in the very next few weeks.
"The owner has previously funded the club for a period of more than four years and, is currently reviewing our budget proposal for the coming year.
"We totally understand and appreciate that supporters might be concerned, but while the situation is far from ideal, we are confident it will be resolved very soon."
http://www.ccfc.co.uk/page/NewsDetail/0,,10269~2630428,00.html