Coventry City can confirm that it has completed its ‘Time To Pay’ agreement with HMRC and will be able to exit transfer embargo.
The ‘Time To Pay’ arrangement was made in September due to cashflow imbalances caused by match postponements at the Coventry Building Society Arena, due to the unsafe and unplayable pitch at the Arena the time.
The agreement meant that the Football Club had agreed an extended period of time to pay HMRC and ensured that our legal commitments to them continued to be met.
Under EFL regulations, the Sky Blues were unable to sign players during the period of the agreement.
The Sky Blues have paid all 6 of the required instalments to HMRC, with the final payment being made on 22nd December.
Coventry City Chief Executive Dave Boddy said:
“We are pleased to confirm to supporters that the Time To Pay agreement with HMRC has been completed today.
“This agreement with HMRC helped us in the running of the Club in the short-term and ensured that our commitments continued to be met at a time when our cashflow was severely affected by the match postponements, which were caused by the unsafe and unplayable nature of the CBS Arena pitch and had a huge impact upon the Football Club.
“I would like to thank HMRC for their understanding of the situation and working with us on this.”