October 1st, 2016

Sky Blues pledge to pay Ricoh debt

Updated: 4:42 pm, May 07, 2015

FANS have been assured rent money owed to Ricoh stadium owners Arena Coventry Limited (ACL) would be paid once a correct sum has been determined.

There had been fears the club would face more sanctions from the Football League unless they paid around £590,000 – an amount agreed ahead of the collapse of a deal that would have saved the club from administration and a ten-point deduction in August.

In a statement the club said: “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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