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Fisher comments on media reports

27 November 2012

Sky Blues chief executive comments on media reports about negotiations with ACL

Coventry City Football Club's chief executive officer Tim Fisher has commented following today's media reports on negotiations between the football club and Arena Coventry Limited.

He said: "Coventry City's long standing financial issues have been a result, in part, of having to pay levels of rent significantly higher than most football clubs whilst also not benefitting from stadium match day revenues such as food and beverage (as other clubs which rent their stadia routinely do).

"The overall transaction with ACL was designed to address these problems which put Coventry City at a severe disadvantage compared to most other clubs.
“The club continues to pay match day costs, previously included within the rent, in full on a match-by-match basis to ACL. On a full-year basis, this will exceed more than £200K - or double what a typical League One club pays in rent. 
“We appreciate that ACL's financial position must be particularly fragile at the moment, especially given its very high debt levels, the recent withdrawal of multiple stand sponsorships and the upcoming drop in naming rights revenue.

"However, the Club remains committed to continuing our negotiations to put things on a normalised financial and business footing. SISU continue to fund the Club whilst these negotiations progress.”

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