Time For SISU To Pay Up -ACL

14 February 2013 02:42
ACL Issue Statement

Arena Coventry Limited have ordered Coventry City FC's owners SISU to pay up or sell up and get out of Coventry.

The Coventry Telegraph are running a statement from Arena Coventry Limited which reads: "The board of Arena Coventry Limited (ACL) regrets to announce that talks with Sisu, the owners of Coventry City Football Club (CCFC), in relation to rent arrears and future rent and matchday revenue arrangements, have collapsed."The ACL board will not resume talks until such time as CCFC and Sisu confirm in writing their acceptance of a Heads of Terms Agreement laid out in writing by ACL on 29 January. This agreement was discussed point by point in a series of meetings between the board and the three club directors and agreed verbally by all parties."The club directors, however, then proceeded to renege on this agreement. This is wholly unacceptable to the Board of ACL.

"As of 1 February 2013, CCFC owes ACL £1.347 million in rent arrears. CCFC have failed to pay or contest the High Court judgment obtained by ACL in August 2012 and neither did CCFC contest the Statutory Demand served by ACL in December 2012."The rent deal offer from ACL laid out in writing on 29 January was verbally agreed following an extremely detailed discussion with the three directors of CCFC, namely John Clarke OBE, Tim Fisher and Mark Labovitch."The offer set the rent payable by CCFC to ACL at £400,000 per annum while the club remains in Football League 1."It included agreement from ACL to waive more than £300,000 of the £1.347 million rent arrears, with a generous approach to clearing the balance. It also agreed the principle of ACL matchday revenues benefitting CCFC, and ACL paying a larger share of rates on the stadium. "Instead of confirming its written acceptance, CCFC then proposed an alternative Heads of Terms, which bore no relation to that agreed. It demanded the waiver by ACL of all rent arrears claims pre-dating 1 January 2013. It demanded also the withdrawal of the statutory demand for the payment of rent arrears issued by ACL against CCFC on 5 December 2012."It was accompanied by an emailed statement from Tim Fisher declaring that CCFC has 'no option but to build a new venue' and that CCFC’s proposals were predicated on playing at the Ricoh Arena for a 'run-off period of three years.'"This is totally unacceptable to ACL."Read More http://www.coventrytelegraph.net/news/coventry-news/2013/02/14/exclusive-ricoh-rent-talks-with-sky-blues-have-collapsed-92746-32810856/2/#ixzz2KsuRkaIz

Source: Coventry MAD