Pay Up Or Be Closed Down City Warned
SISU Told To Pay Up
Arena Coventry Limited have given Coventry City twenty one days to pay the £1.1m they owe or face being closed down.
City and their owners SISU have until Boxing Day to pay but if they don't they will face a possible winding up order or the prospect of having to declare themselves insolvent which could see a ten point penalty levied at the club.
The Coventry Telegraph is running a statement issued by ACL which reads:
"Following the refusal of Coventry City Football Club and its owners, Sisu, to pay outstanding rent to Arena Coventry Limited (ACL), the ACL Board has today issued a statutory demand to Coventry City Football Club (CCFC).
"The statutory demand covers the £1.1 million owed by CCFC to ACL in rent arrears of a total £1.6 million owed by the club.
This is not a course of action the ACL Board wanted to take. However, the behaviour of Sisu, the owners of CCFC has left the Board with no choice but to issue the statutory demand.
"The Board feels that all other avenues to resolve this issue have been exhausted and is astonished that the club’s owners have allowed matters to come to this sorry pass.
"Responsibility for this situation lies completely with Sisu, a Mayfair hedge fund which has let CCFC fail under its direction."
More on this http://www.coventrytelegraph.net/coventry-city-fc/coventry-city-fc-news/2012/12/05/92746-32370027/?#ixzz2ECZay2mQ
Source: Coventry MAD
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