“Sisu is a privately owned company
that invests in a variety of
projects and organisations using
various legally approved and regulated
entities in different parts of the
world.
“Sisu is both an owner of, and
creditor to, Coventry City FC and, in
line with any other creditor, Sisu has
taken appropriate and necessary
steps to protect its interests over the
loans.
“Far from posing any threat to the
ongoing existence of the football
club, Sisu’s recent injections of capital
by way of loans has ensured the
football club’s survival during a very
difficult period. Sisu’s absolute focus
and priority, together with the
club’s executive team, is to find a solution
to bring together a closer
alignment of the club and the stadium.
“As such, Sisu and the club are
currently engaged in detailed and
constructive talks with Coventry
City Council, Higgs Charity, and
Arena Coventry Limited.
“Should the various parties reach
any form of agreement then detailed,
transparent, and legally binding
contracts will be put in place to safeguard
the interests of all interested
parties.
“Talks are progressing well but remain
commercially confidential to
the parties involved and at this time
neither Sisu nor the football club are
able to make any further comment.”
It refused to give further details of
Arvo’s business or value, amid concerns
about the Cayman Islands’
reputation as a hedge fund tax haven
shouded in business confidentiality.
Mr Fisher said in January the five
private equity funds initially set up
by Sisu to invest in Coventry City FC
were in 2010 “wrapped together to
form a single entity, Sconcett Capital
LP” - based in the Cayman Islands.
There was then no mention of Arvo.
Sisu also refused to say if has a
property developer/investor in place
to invest in the Ricoh and surrounding
land.
The club - which has witheld its
£100,000 Ricoh rental payments for
two months - says it wants a deal urgently
to get its accounts signed off,
which would lift a transfer embargo
and get players in for the third division
in August. Ricoh talks between
Sisu and the Higgs charity have entered
four weeks of “due diligence”,
and no deal, if any, is thought possible
by the Higgs charity for another
seven weeks.