- Oct 26, 2013
Pointless going back to before SISU became involved, if they didn't do their due diligence properly and bought a pig in a poke then more fool them.HARD-UP Coventry City are trying to renegotiate the deal to rent the Ricoh Arena to help them through their current cash crisis.
Acting chairman Geoffrey Robinson has admitted he is in talks with the Arena company and Coventry City Council as part of his financial restructuring plan for the club.
The Sky Blues are paying £1m a year to rent the new 32,000-seater stadium but Mr Robinson refused to confirm or deny that the club had approached the city council to release some of that cash to pay players' wages.
The money ! from the club's sale of Premier Club memberships to local businesses ! is held in a special account as a guarantee that it will pay its rent to the Arena company. It is understood the council - a major partner in the Arena scheme - would have to approve it being used for any other purpose.
The club is struggling financially as attendances at the Ricoh are not reaching the 23,000 break-even point given by former chairman Mike McGinnity earlier in the season but Mr Robinson categorically denied that the club was heading into administration.
"No, absolutely not," he said.
He said they were in talks with the Arena company, Coventry City Council and the club's bank over the best deal to suit everyone.
But he admitted the club will probably not be coming up with its financial plan for the next three years in time for its December 20 annual general meeting. He has already said the club's accounts will not be ready to be presented to the meeting.
The Coventry North West MP said: "We're in negotiations with all our partners to make sure we have genuinely well-based, profitable future which is what everybody wants.
"We're working on a plan for financial stability of the club and we'll make a statement (about that) as soon as we can.
"The late opening of the stadium caused problems. The point of the discussions is to (secure) the financial stability of the club over the next three years."
Asked if the club had requested a rebate of £1M from the city council, Mr Robinson said: "I'm not making any comment about the state of negotiations."