The CableGuy
Well-Known Member
http://www.twohundredpercent.net/?p=22368
With ACL’s future, which had been considered precarious due this non-payment of rent, secured through Coventry City Council agreeing to take on it’s mortgage two months ago, the stadium owners confirmed that negotiations were off, with the final offer that was put on the table being as follows:
With ACL’s future, which had been considered precarious due this non-payment of rent, secured through Coventry City Council agreeing to take on it’s mortgage two months ago, the stadium owners confirmed that negotiations were off, with the final offer that was put on the table being as follows:
- An annual rent reduction from £1.3m per year to £400,000 per year.
- Rent arrears to be reduced from £1.3m to £485,000.
- An Escrow account – which acts, effectively, as a rent deposit deed – to be reduced to £200,000, a write-off on ACL’s part of £313,000.
- Food and beverage turnover (which amounted to a turnover of just over £1m over the course of the season 2011/12 and returned a profit of £119,000), to be used by the club in future Financial Fair Play calculations.
- Lost income from its 900 parking spaces at the stadium, which resulted in the club having to buy a further 300 parking spaces elsewhere, being returned to the club.