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Fisher Blames ACL For Transfer Embargo
Published : 01 Mar 2013 13:01:18
Coventry City CEO Tim Fisher has blamed Arena Coventry Limited for the club being placed under it's third transfer embargo in three years.
City were due to have filed their annual accounts by midnight last night but were unable to do so due to the situation regarding the rent.
In a press statement, Mr Fisher said: "The situation regarding rent and revenue negotiations with ACL is very well documented and without a clear route forward, we are unable to project our budgets for the coming 12 months".
"That means we are unable to file the accounts which results in an embargo.
"The owner has continued to fund the club over the past five years, to the tune of close to £45 million, showing huge commitment to the club.
"That commitment remains but we have to build a strong and sustainable future if we are to put quality onto the pitch and meet the new rules under Financial Fair Play.
"As a board, we will continue to work as hard as we possibly can to try to prevent the off-the-field matters impacting on the pitch but, clearly, in this instance it hampers any room for manoeuvre we have should we need to bring anyone in over the next three weeks."
Source: Coventry MAD