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Appleton Issues Statement
Published : 24 May 2013 21:46:48Rss feed
Administrator Paul Appleton has issued the following statement:
"Since my appointment as Joint Administrator of Coventry City FC Limited, there has been a huge amount of interest surrounding the ownership of the Football League’s ‘Golden Share’.
Following information I have received from various stakeholders, I now believe the registration of the Golden Share lies with Limited.
While that may have appeared self-evident, the bulk of my investigation has been involved with discovering WHY that is the case.
Indeed, there is still information outstanding which, despite repeated pleas and requests, has not been presented. This has hardly helped clarify a confusing state of affairs dating back some 20 years.
Also, Holdings believe they have a beneficial ownership of the Share given the level of investment they have made and the fact the players contracts are in their name, together with many other important elements.
This has seemingly been endorsed by the Football League who have completed all current player registrations in the name of Holdings.
In my opinion, the importance of the ownership of the Share has been exaggerated in the media and on social networks. Of course, it is a significant element but ownership does not necessarily mean control of the club.
Just as important is the location of the players contracts, the right to use the name Coventry City and the right to sell season tickets - all of which Holdings assert is theirs.
Should Holdings maintain their claim to a beneficial ownership of the Share, ultimately only the Court can overturn that.
I am anxious to avoid such a lengthy process given the amount of uncertainty surrounding the Club and am doing everything in my power to alleviate that uncertainty.
A sale process has begun, I have spoken and met with a number of parties who have expressed an interest in the assets Limited possesses and its interest in the Share.
To that end, I have set a deadline of May 31 for indicative offers from those interested parties.
If a suitable purchaser is identified, it will still be subject to the consent of the Football League and will also likely involve discussions between Holdings and that purchaser.
The Football League holds its next Board Meeting on June 5 and I hope something can be resolved before then.
It will need a major amount of goodwill to be shown by a number of parties and whether we succeed or not remains to be seen. But it will not be for the want of trying on my part."
Source: Coventry MAD
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