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Fisher Admits To Caymen Island Funding
Published : 23 May 2012 11:55:41
CEO Admits to Arvo Funding
Coventry City Interim CEO Tim Fisher has admitted that the Caymen Islands based Arvo Master Fund is putting money into Coventry City FC every month.
Speaking to the CT's Les Reid, Mr Fisher said: “Every month, money is going into the football club.
"The money is put in from the Sisu hedge fund which is Arvo. Arvo put it in as debt. “As a consequence it uses the assets of the company as security. “It does not put in the money as equity. Why would you?”
Mr Fisher added: “There is nothing dark or sinister about this. “There is a funding gap every month. That funding gap is bridged every month by Sisu. "The funding gap last month was north of £0.5million. They’ ve put in £40million.”
More on this http://www.coventrytelegraph.net/coventry-city-fc/coventry-city-fc-news/2012/05/23/fears-grow-over-coventry-city-going-bust-as-cayman-islands-link-revealed-92746-31025287/3/#ixzz1vglqgWQL