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Otium awarded Golden Share

2 August 2013

Otium awarded Golden Share for new season but club handed ten-point deduction by Football League

Coventry City owner Otium Entertainment Group Ltd. has been awarded the membership of the Football League in time for the new season.

CCFC Ltd (the company that entered administration) will be put into liquidation after ACL failed to accept the Company Voluntary Arrangement (CVA) put forward by the administrator.

The decision today left very little time ahead of tomorrow’s opening day fixture against Crawley Town to get the membership ratified and ensure the club’s participation in the new season.

Rather than the statutory 15 points penalty, the club will now receive a ten points deduction going into the new season while the awarding of the membership of the Football League provides certainty for the future.

Coventry City have also been cleared to play their home matches at Sixfields Stadium.

Tim Fisher, chief executive of Coventry City Football Club, said: “We know that this has been an extremely difficult summer for our supporters and we are truly sorry that all of the attention has been off the field rather than on it.

“There has been a great deal of uncertainty surrounding the club’s future but this decision by the Football League means we now have certainty and the club’s future is secured. We can now get on and put our future plans into action which means building and owning our own stadium in the Coventry area.

“It has been a very difficult time but Coventry City Football Club moves forward.

“It’s made all the harder by the fact that the adjournments pushed the club right up to the deadline for the start of the season.

“Surely the events of the last few days and the abuse of the administration process highlight that the club had been left with very little room for manoeuvre.

“Indeed, I am sure that all the fans are aware that the very reason ACL stated for filing for administration in the first place was to avoid liquidation and a points deduction this season. Liquidation is exactly what they pushed for and succeeded in getting today.

“Whilst the points deduction is not welcomed, we believe the ten point penalty proves that the Football League recognises the very difficult circumstances the club has been operating under.

“None of us want to start the season away from the club’s home city but previous refusals to take up our offer of negotiation or arbitration meant we were forced to find a ground to complete our fixtures.

“It is a great shame that on the eve of the season, off-the-field matters are still dominating but it is now time to offer full support to Steven Pressley and wish him and his team good luck tomorrow and for the rest of the season.”

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