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Ricoh Arena owners hit out at Coventry City's owners over unpaid rent bill

By: Kev Monks 27 Nov 2012 13:44:54

Ricoh Arena owners hit out at Coventry City's owners over unpaid rent bill

Ricoh Arena owners Arena Coventry Limited have hit out at Coventry City's owners SISU as the unpaid rent bill is due to hit £1m.

ACL are not commenting on whether they have financial problems, not helped by a loss of stand sponsortship and a drop in the income from naming rights but speaking to the Coventry Telegraph's Les Reid, Jacky Isaac who is the interim CEO of ACL following the departure of Daniel Gidney to Lancashire Cricket Club, said: "The board of ACL has worked patiently with the club and its owners, the Mayfair-based hedge fund Sisu, for nine months, to attempt to resolve the rent arrears issue.

"During this time no payments have been received. By December 1 there will be more than s1million in outstanding rent if no action is taken. That is unacceptable.

"The board of ACL is continuing discussions with Sisu to find a way in which the club can continue to operate on a sustainable basis.

"This must involve the payment of rent owed and the production by Sisu to the board of ACL of a workable business and financing plan to safeguard the future of the club, a future that is important to the city of Coventry and its residents.

"The Board of ACL is continuing discussions with Sisu to find a way in which the club can continue to operate on a sustainable basis. This must involve it controlling all of its costs, and not blaming all of its financial problems on the stadium rent, which is only a small part of its overall difficulties."

Talks have also stalled over SISU buying the 50 per cent stake in Arena Coventry Limited, currently held by the Alan Edwards Higgs Charity.


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