Wasps go into Administration - Coventry City!

[frogmiller]

https://twitter.com/SkySportsNews/st...02697234182144

37m in debt with 35m from the move from London to Coventry

Coventry City not effected too much by the sounds of things.

[Brin]

There was talk on the Radio Sheffield sports programme last night, that the Weds night fixture between Coventry v Blades may be cancelled.
However, as that report clearly states, the stadium itself is not under the administration package so games may still be played their for the next 10 days at least.

Coventry City council hold the freehold lease, (250 years), so it's they who may have the final say on what happens to the land the stadium is built on if payments are not forthcoming to them from those who have filed for administration.

All is not lost though on Coventry City as a knight in shining armour may well be just over the horizon.

https://www.bbc.co.uk/sport/football/63219478

[Ericsladkilnhurst]

I posted in a previous post, Coventry City FC owners looking to sell the club.

[millertop]

Let’s just get our game over with ffs, it’s like we’re not suppose to see Ricoh

[Ericsladkilnhurst]

Wasps RFC - Administration

The administrators FRP have reported that the clubs debts spiralled completely out of control,
totalling up to £95m.
The combined debts of their parent company Wasps Holdings & 3 businesses running the
Coventry Building Society Arena has come to cost the taxpayer as well.
Coventry City FC are owed around £465,000
Wasps & operating companies running Coventry Building Society Arena owed over £21m to
various public bodies , a chunk of this comes from a £14.1m unsecured Covid Sport Survival
Package [SSP] loan, from the Department for Digital, Culture, Media & Sport [DCMS].
HMRC are owed £7m
Coventry Council £270,000 plus 2 other Councils, Police & Ambulance Service are owed
smaller amounts.

Reported Mike Ashley bought the Coventry Building Society Arena for £15.8m

[great_fire]

Coventry City had a problem with the old landlord, now they have a problem with the new landlord, maybe the problem isn't the landlords?

[avondalemiller]

As Mike Ashley bought the stadium or is it still on going? If so then this Yank is going to hijack everything.

..........................good luck with that then...........utm.

[great_fire]

As Mike Ashley bought the stadium or is it still on going? If so then this Yank is going to hijack everything.

..........................good luck with that then...........utm.

He has and given Coventry an eviction notice.

[PerigordMiller]

As Mike Ashley bought the stadium or is it still on going? If so then this Yank is going to hijack everything.

..........................good luck with that then...........utm.

Yank?

[Ericsladkilnhurst]

Coventry City FC - Were given notice a eviction notice, to leave the Coventry Building Society
Arena, as per new ownership, new owners being the Fraser Group.

Then

Mike Ashley's Fraser Group, offered Coventry City a new agreement, with new commercial terms,
which were presented to the club, without dialogue or negotiations which were less favourable
to the club, the new agreement was for a licence to play home fixtures up to 2023.
[ This would seem a take it or leave offer to Coventry City ]

Today

Coventry City FC confirm, that they have signed a new licence agreement with the Fraser Group,
in order for the club to continue to play home games at the Coventry Building Society Arena.
The licence will run until May 2023 & is subject to the EFL approval, which the club expects to
be granted tomorrow [Tuesday].
Coventry City FC will now commence amicable talks with the Fraser Group, with a view to
agreeing a longer-term licence, for the club to play at the Coventry Building Society Arena.