ACL - Administration Provides Some Stability
Arena Coventry Limited Statement
Arena Coventry Limited have issued a statement tonight following today's events in the High Court.
According to Free Radio's Darryl Murphy, their statement says:
"The Board of Arena Coventry Limited (ACL) is pleased with the progress that has been made through the legal process since last Friday’s first hearing at the High Court in London.
We are grateful to the Football League for coming back so quickly to our legal team to confirm that the Football League share resides with CCFC Ltd, not CCFC Holdings, as had been suggested previously by the CCFC and the appointed administrator. We are grateful also to the Football Association for its prompt response confirming that the Football Association share resides with CCFC Ltd, not with CCFC Holdings. Both of these organisations have acted quickly to bring clarity to this process and most importantly, clarify the situation for Sky Blues fans.
It has been our understanding from the outset of this legal process that the respective shares reside with CCFC Ltd.
This situation now means that the Club, on any objective assessment, is already in administration. On this basis we have withdrawn our application to the High Court for an administration Order to be granted.
While this is obviously not an ideal situation, it does provide some stability to the Club after a period of intense uncertainty. This has been our declared aim all along and our objectives remain the same: to protect the interests of creditors and ensure the long-term survival of CCFC at the Ricoh Arena. The most important outcome of today is that the liquidation of CCFC has been avoided.
While their recent media statements have been confusing to both the Board and supporters, we will now work as closely as possible with the Administrator to ensure this process is completed in a responsible and transparent manner.
We would once again like to reiterate our support for Sky Blues fans and assure them that the Ricoh Arena is available to them to play all their remaining home games this season. Any suggestions to the contrary are misleading. We look forward to speaking to the Administrator to resolve this confusion.".
Source: Coventry MAD
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