SKY BLUES RENT ROW COSTS S EX-CHAIRMEN £150,000 ...EACH
Pair forced to cough up after acting as guarantors
WO former Sky Blues hairmen have been orced to pay out a total f £300,000 to the Ricoh rena’s operators after he football club stopped aying its rent. Arena Coventry Limitd called in £150,000 ach from Geoffrey Robnson MP and Mike McGinnity after the two agreed to act as guarantors for the club following the move to the Ricoh Arena in 2005.
The original agreement saw the pair agree to guarantee a combined £500,000 if the club failed to fulfil its financial obligations to ACL.
However, it is understood lawyers for the pair negotiated a reduced deal and payments of £150,000 each have been made to cover ACL’s ‘‘los of earnings’’. Coventry