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Club Statement - Coventry City will honour it's obligation to the Football League

2 June 2014

The club has moved to reassure fans in a statement issued to the press over the weekend....

Coventry City Football Club issued a statement to the press regarding payment to ACL over the weekend.

Here it is in full...

We would like once again to reassure fans that the Club will honour its obligation to the Football League. It is totally wrong to suggest otherwise.  We have undertaken to the League to pay ACL the amount that is legally owed to them. 

ACL rejected this payment, which they could have received last summer, in order to start a liquidation process and cause a points deduction. So the only person who can determine the correct amount to be paid is the liquidator. 

As instructed by the League, the Club has already paid a large sum of money into an escrow account, ready for payment to ACL as soon as the correct number has been calculated.  

There is some uncertainty as to the correct amount because it appears that ACL may already have been paid monies under personal guarantees, which amounted to £500,000.  If this is the case, there is a risk that they might be paid twice over.  As soon as this uncertainty is resolved, the correct sum can be determined and released to ACL from the escrow account.

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