SISU OFFER DEAL TO END RICOH ARENA ROW
SKY BLUES OWNERS REVEAL CONDITIONS IN RARE STATEMENT
COVENTRY City’s owners Sisu have said they will drop legal action over the Ricoh Arena if the council supports the building of a stadium for the club.
The hedge fund also wants an agreement to remain at the Ricoh Arena until a new stadium is delivered as part of the conditions the Sky Blue owners said would end court action between the parties.
The conditions for Sisu to drop legal action, which involves the companies that control the football club, were laid out in a statement released yesterday, along with an eight-page background statement.
The statement said Sisu “would rather not have to continue with its legal challenge” over Coventry City Council’s sale of the Ricoh Arena to Wasps in 2014, but any agreement would have to contain terms for:
– a stadium development supported by the council in Coventry with enabling development on reasonable terms.
– a medium term interim arrangement with Wasps on commercially acceptable terms to stay at the Ricoh Arena until CCFC’s own stadium is complete.
The statement adds that as neither of those two things have materialised, Sisu has “no option but to continue with its challenge”.
The Sky Blues face homelessness in a matter of weeks when the club’s tenancy deal at the Ricoh Arena expires.
Stadium owners Wasps have refused to enter into negotiations over a new deal while legal action against the city council, which has the potential to bankrupt the rugby club, continues.
The English Football League have threatened to expel City from the League if the club is unable to play its home games in Coventry next season.
The club now have just four home games left at the Ricoh Arena.
Yesterday’s statement was the first communication to supporters from Sisu since 2016 and was addressed to fans in an open letter.
It said: “Sisu as an investment manager typically does not make press comments.
“We are breaking with that tradition, however, because we think it essential that we explain to the fans the status of CCFC. We have prepared the attached summary and background note that sets out how the current situation has evolved at CCFC.”
Going on, Sisu said it is “committed to a successful football club” and wants to take the Sky Blues back into the Premier League adding: “Sisu continues to do everything it can to find long term solutions for the club which will ultimately secure the success that the fans crave on the pitch.”
The hedge fund said it wanted, and had always wanted, to provide CCFC with:
– a stadium it can call home.
– access to all the revenues it can generate (like any other professional football club).
– control of the costs it incurs.
– a stable base from which to challenge up the leagues.
Previous plans for a new stadium have failed to come to fruition.
It is unclear if the club has specific locations in mind for the stadium or what level of support would be expected from Coventry City Council in any new development plans.
Responding to the statement, Coventry City FC said: “Coventry City Football Club welcomes the statement made by its owner SISU today, which provides important clarity for supporters, the community and everyone who cares about the football club regarding the situation currently and the owner’s aims for the football club.”
Coventry City Council and Wasps have been both been asked for comments.