Warwick Uni (land near) (1 Viewer)

Is a considered site for the new stadium ......

Per Les Reid

Coventry City owners considering land near Warwick University for new stadium
12 Aug 2013 17:44
But Sky Blues chief executive Tim Fisher admits club could return to Ricoh Arena if ownership deal could be struck

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Tim Fisher
Land near Warwick University is among sites being considered by Coventry City for a new stadium, it has been claimed.

Sources also claim there have been hold-ups in any deal to buy the Brandon speedway stadium site.

Meanwhile, Sky Blues boss Tim Fisher told the Telegraph the club had not ruled out a return to the council-owned Ricoh Arena – but hinted it could only be after renewed discussions about ownership.

He said: “The club was expecting the council to consider whether it wished to renew discussions on the basis on a transaction, but no response has been received.

“The club simply needs all the revenue which comes from owning its own stadium.”

Several high-level sources claim the club is potentially interested in unidentified land on the Warwickshire side of Warwick University for a new stadium.

The club’s academy already uses the university’s facilities.

It is claimed the club is potentially interested in developing an “education partnership” with links to university sports science courses and related fields.

But there is confusion over the precise location of the mooted stadium site. The university said it was unaware of any approach for any of its land outside the Coventry border.

Some land on the Westwood side of Warwick University is owned for sports use by Coventry University, which declined to comment.

University of Warwick
Mr Fisher told the Telegraph the club and its real estate consultants CBRE were now considering three sites – up from two – for a stadium to return to the Coventry area within five years.

But sources close to the Brandon talks claimed a heads of terms agreement had still not been signed on any potential final sale of the 26-acre Brandon speedway stadium site – nearly a fortnight after some insiders expected heads of terms to be finalised.

The Telegraph understands the club had formally applied to buy Brandon for use as an “academy and sports hub.”

Property agent GVA’s Andrew Moss had stated a “sale subject to contract” had been agreed and heads of terms were being drawn up.

Tim Fisher confirmed this evening he had been told by CBRE that heads of terms were now completed on one site – but said the club was bound by commercial confidentiality not to reveal any of the prospective sites, as doing so might unhelpfully push up the potential price.

He said delays on the site had been “complicated by the fact it’s August and people are on holiday.”

Tackled on the “academy and sports hub” claim, Mr Fisher said the club was considering a “multi-sports offering which would consolidate all the resources of the academy whether the under-21s, under-18s and under-9s - who would all be on one site.”

Mick Horton
Jeff Davies

Coventry Bees’ speedway owner Mick Horton has said football could be combined with speedway and greyhounds. But he has been among many who believe road and planning restrictions would prevent a football stadium ever being built.

There is also a dispute over Brandon’s ownership between Avtar Sandhu and convicted money launderer Micky Singh, who HM Revenue and Customs is chasing.

Mr Fisher refused to confirm or deny claims of land near to Warwick University, amid reports the “second stadium site” identified was around the south west of the city.

He said: “We’ve had no talks with Warwick University about a stadium nearby, but everybody can see the sense of linking sport and education.”

He also claimed: “CBRE have identified sites. Other councils are motivated to talk to us because of the inward investment, job creation and community benefits.”

On the mystery third site just outside Coventry’s boundary, he claimed: “We know from CBRE that other local authorities are very keen to begin discussions with us.”

Rugby Borough Council said it has still had not been approached by any party regarding Brandon stadium.

Tim Fisher
The Football League’s regulations require evidence of plans for a return to the “Coventry conurbation” as a condition of approving the Sky Blues’ interim groundshare at Northampton Town.

The Telegraph tackled Mr Fisher on widespread fans’ disbelief that he or the club’s owners Otium/Sisu had any genuine intent to return to the Coventry area.

It came after national reports that Football League chairman Greg Clarke had admitted he “does not know” whether a new ground would actually be built, despite Otium lodging a £1million bond (an “I owe you”) with the League as a penalty if the stadium is not built.

Mr Fisher said: “If we say we’re going to build a stadium, then we will. We have provided clear evidence to the League on our ability to deliver on those plans. It’s not, and never will be, our intention to mislead, filibuster or posture.

“Overall, our primary objective was to fulfil our fixtures with a ground-share. People questioned whether we would proceed. We’ve done that.

“Our second objective is to develop a site to capture all the revenues from stadium.”

He said added value would include land around a stadium for development.

Mr Fisher insisted Otium was required to show the Football League proof it had the cash/equity part of the cost of a new stadium.

He added: “There was a requirement to show an amount of cash up to 40 per cent of the stadium’s full development costs.

“The rest, as is typical, will likely come from real estate borrowing.”

He declined to comment if that meant at least £10m proof of funds had been shown to the League for a projected £25m stadium.

Fisher insists Sky Blues owners Otium have shown the League proof of funds from bank accounts to fund losses for three years while playing at Northampton Town.

And he says additional evidence was provided that Otium had been “recapitalised” – with cash from another Sisu-related hedge fund, Cayman Islands based Arvo Master Fund.

He refused to say who the investors were behind Arvo.

Main stand at Northampton
Mr Fisher said the level of expected losses from playing at Northampton’s 7,000-capacity Sixfields stadium was “commercially confidential”.

He also declined to say whether rent there was lower or higher than the £150,000 offered publicly by the Ricoh Arena in a ten-year offer – although some sources claim they are paying around the market rate, and that the League One average is £170,000-a-year.

Mr Fisher accepted Sunday’s Sixfields attendance of 2,204 – half of which were Bristol City fans – was at the “lower end of our estimates.”

Mr Fisher also claimed the club now expected the late accounts of Otium and other related companies would be filed within “a small number of weeks”.

He said auditors BDO were working on the accounts.

He confirmed that would include Coventry City Football Club (Holdings) Ltd – the company which had continued to run the club while CCFC Limited was in administration.

Mr Fisher said the transfer of Holdings’ assets to Otium, which now has the League’s crucial “golden share” right to operate Coventry City, had now been completed.

Many fans opposed to Sisu, and Ricoh firm Arena Coventry Limited, have long called for the accounts to be filed to shine a light on how assets, including players’ contracts, were split between the companies.

They want further investigation, beyond the administrator’s ongoing investigation into the accounts.

ACL and many fans have called on the FA to review how the League allowed the groundshare within its own insolvency policy.

The Telegraph has requested an interview with Football League chairman Greg Clarke.

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