England: Coventry City owners buy half their stadium
source: CoventryTelegraph.net; author: michał
It seems the Sky Blues may finally get out of the red with all debts paid off and finally having a share in the stadium they play in. Apparently not being part of the profits was among main reasons for the club losing money, Coventry Telegraph suggests.
Hedge fund Sisu, owners of Coventry City FC, reached an agreement with Alan Edward Higgs Charity. The charity holds 50% of shares in Ricoh Arena and those shares are now to be transferred to Sisu.
This means that 7 years since the new stadium’s opening Coventry City finally have a piece of it for themselves. Until now they were just tenants with no share in the commercial activities of the venue, only playing home games there.
And with the perspective of conference and banqueting infrastructure further improving with new hotels planned around it, the venue seems to be just what Sky Blues needed. Each year the club had losses in millions. All debts are now paid off by Sisu who intend to get the club going up.
Is there any chance for the remaining 50% of the ground and making it club property only? Not for now as the City Council retain their “not for sale” policy. However, if a lucrative offer came in, it would be subject to a vote.