ACL Back Council Bail Out

16 January 2013 12:04
ACL View on the bail out

Arena Coventry Limited have backed the £14 bail out from Coventry City Council to ease their financial problems.

In a statement issued to the Coventry Telegraph, ACL said; "We are very pleased that Coventry City councillors have made this decision.

“For ACL, it will help provide greater long term financial stability and certainty to our business - which has a proven track record of attracting inward investment and driving regeneration in the city of Coventry.

“But the ACL Board also believes that it will benefit the council taxpayers of Coventry by strengthening an asset which will generate income for the city for many years to come.

“This decision is good news for the Ricoh Arena and good news for the great City of Coventry.

"We now hope that CCFC’s owners – the Mayfair-based hedge fund Sisu – will take this opportunity to engage with us properly to resolve the rent dispute.

"We also hope that they will present to the Board of ACL a workable financial and business plan which will put CCFC on a secure and proper financial footing for the long term.”


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Source: Coventry MAD