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City Have Liabilities Of 69m

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16 May 2013 17:13:45

City Have Liabilities Of 69m

More on Administrator's Report

Coventry City have liabilites of £69,727,625, according to the report issued by Administrator Paul Appleton.

According to the Coventry Telegraph's Les Reid, the accounts for CCFC Ltd produced by Tim Fisher which are for up to March 21 2013, state that the companies assets lease and licence to play at the Ricoh Arena, players' registrations, with a nominal value of £466,762; a council rates refund worth £395,496, pre-payments of £176,725 and accrued income of £78,285.

Mr Fisher's report says that, with the players registration seemingly worthless to a company in administration, the real assets are worth £395,496 which is relates to the above council rates refund. However, Avro Master Fund as a secured creditor would get £313,381 whilst £82,095 would go to unsecured creditors.

Mr Appleton's report claim that Sky Blue Sports and Leisure - the vehicle used to buy CCFC, is owed £14m; CCFC Holdings £44m; ACL £636,381 (which deducts matchday costs paid to ACL over the last year); and Arvo is owed £10.2m.   Full Story: http://www.coventrytelegraph.net/news/coventry-news/coventry-city-fc-administrator-leaves-3862802?

Source: Coventry MAD


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