ARENA Coventry Limited has confirmed they have applied to the Court for the Companies to be placed into administration along with Arena Coventry (2006) Limited and IEC Experience Limited.
The period of notice of administration for Arena Coventry Limited ended on Monday and a statement released today confirmed they anticipate the administration orders will be made in the forthcoming weeks.
The statement also confirmed the companies and proposed administrators from FRP Advisory have run an accelerated sales process to sell the business and assets, with a preferred bidder having been identified.
Former Newcastle owner Mike Ashley, City owners Sisu, US billionaire John McEvoy and the NEC group have all been rumoured to be potential bidders for the Arena.
It also confirmed the Coventry Building Society Arena will continue to trade as normal, adding they are ‘delighted’ the doors will remain open to the ‘flagship venue’.
Arena Coventry Limited said further updates will be provided in due course.
The Sky Blues were able to play Tuesday night’s 1-0 win against Blackburn Rovers at the Arena after initially saying they were ‘exploring alternative backup plans’ for hosting the fixture.
Coventry City Council leader Coun George Duggins said he is ‘very pleased that the Sky Blues games have continued to go ahead’.
“As for the likely new owners of Arena Coventry Limited, I hope this takes place soon and stability and certainty can return to the business.
“We look forward to working with new owners to ensure that the business grows and the site`s potential is realised.
“Personally I look forward and I hope it is soon when our only concerns are what goes happens on the pitch and in the conference halls rather than the challenges of recent times”.
