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http://www.coventrytelegraph.net/ne...inted-sky-blues-administrator-92746-33063746/
Les Reid story of event to date
Ricoh Arena
THE Sky Blues could be heading for a ten-point league deduction this season after Ricoh stadium bosses today sought to drop their High Court action.
Arena Coventry Ltd lawyers asked Mrs Justice Proudman at London's High Court this morning to dismiss ACL's application for an administration order against Coventry City Football Club Ltd.
It means ACL accepts that Paul Appleton, the administrator appointed last Thursday by Sky Blues hedge fund owners Sisu/Arvo should remain, rather than another administrator ACL had preferred.
But ACL lawyer James Powell told the Telegraph the stadium firm - owned by Coventry City Council and the Alan Edward Higgs Charity - would keep a keen eye on the club's administrator to ensure it discharged its duties correctly.
He argued that would include looking favourably on any prospective purchaser to take over the football club to bring "stability", and ensure its future, free from any liquidation threat.
Mr Powell denied ending ACL's attempt to have its chosen alternative administrator appointed to run CCFC Ltd handed the whiphand to SISU boss Joy Sepalla and its Cayman Island-based linked Arvo Master Fund - as the club's main creditor believed to be owed over £50million by the club.
He said the High Court adjournment ACL was granted on Friday had enabled confirmation that the Sky Blues' crucial "golden shares" with the Football League and Football Association rested with CCFC Ltd, the company now in administration.
He claimed it confirmed the golden shares were not with the club's trading arm Coventry City Football Club (Holdings) Ltd, as the club appears to claim.
Mr Powell, speaking outside the court after this morning's adjournment until 2pm today, said ACL will claim it means the whole club is already in administration beyond any dispute.
If the League agrees following today's hearing being dismissed, as expected, it could mean a ten-point league deduction sooner not later - ruining the club's remote prospects of promotion from League One this season.
Mr Powell said: "We had a letter from Football League confirming share is with Coventry City FC Ltd. The FA also confirmed the FA share is with Coventry City FC Ltd.
"That company is in administation, with administrator appointed by Joy Sepalla
"We held off our application for a few days to get to the bottom of key issues inclusing Football League shares.We're grateful to Football League
"There were inconsistencies in statements from the club. It's clear to us the whole club is in administration.
"Coventry City FC Ltd is not a non-operating subsidiary as club claims.Club exists where Football League and FA shares rest, with CCFC Ltd.
"We'll keep keen eye on administrator appointed by Arvo, which is SISU and Joy Sepalla
"Our focus shifts onto this administrator doing a good job. Administration gives best opportunity to a prospective purchaser to buy club"
Coventry City Football Club have released a statement following the outcome of this morning's High Court hearing.
Tim Fisher, CEO Coventry Football Club said: "I acknowledge that ACL has now accepted that it must withdraw its administration application from the High Court notwithstanding the fact that this was an unwelcome and unnecessary distraction .
"I hope all parties will now focus on re-establishing a constructive dialogue for the good of the Club and football in Coventry. We would like to ensure that Coventry City Football Club can, in the first instance, continue to play its remaining home matches this season at the Ricoh Arena.”
Read More http://www.coventrytelegraph.net/ne...s-administrator-92746-33063746/#ixzz2OeavhSyN
Les Reid story of event to date
Ricoh Arena
THE Sky Blues could be heading for a ten-point league deduction this season after Ricoh stadium bosses today sought to drop their High Court action.
Arena Coventry Ltd lawyers asked Mrs Justice Proudman at London's High Court this morning to dismiss ACL's application for an administration order against Coventry City Football Club Ltd.
It means ACL accepts that Paul Appleton, the administrator appointed last Thursday by Sky Blues hedge fund owners Sisu/Arvo should remain, rather than another administrator ACL had preferred.
But ACL lawyer James Powell told the Telegraph the stadium firm - owned by Coventry City Council and the Alan Edward Higgs Charity - would keep a keen eye on the club's administrator to ensure it discharged its duties correctly.
He argued that would include looking favourably on any prospective purchaser to take over the football club to bring "stability", and ensure its future, free from any liquidation threat.
Mr Powell denied ending ACL's attempt to have its chosen alternative administrator appointed to run CCFC Ltd handed the whiphand to SISU boss Joy Sepalla and its Cayman Island-based linked Arvo Master Fund - as the club's main creditor believed to be owed over £50million by the club.
He said the High Court adjournment ACL was granted on Friday had enabled confirmation that the Sky Blues' crucial "golden shares" with the Football League and Football Association rested with CCFC Ltd, the company now in administration.
He claimed it confirmed the golden shares were not with the club's trading arm Coventry City Football Club (Holdings) Ltd, as the club appears to claim.
Mr Powell, speaking outside the court after this morning's adjournment until 2pm today, said ACL will claim it means the whole club is already in administration beyond any dispute.
If the League agrees following today's hearing being dismissed, as expected, it could mean a ten-point league deduction sooner not later - ruining the club's remote prospects of promotion from League One this season.
Mr Powell said: "We had a letter from Football League confirming share is with Coventry City FC Ltd. The FA also confirmed the FA share is with Coventry City FC Ltd.
"That company is in administation, with administrator appointed by Joy Sepalla
"We held off our application for a few days to get to the bottom of key issues inclusing Football League shares.We're grateful to Football League
"There were inconsistencies in statements from the club. It's clear to us the whole club is in administration.
"Coventry City FC Ltd is not a non-operating subsidiary as club claims.Club exists where Football League and FA shares rest, with CCFC Ltd.
"We'll keep keen eye on administrator appointed by Arvo, which is SISU and Joy Sepalla
"Our focus shifts onto this administrator doing a good job. Administration gives best opportunity to a prospective purchaser to buy club"
Coventry City Football Club have released a statement following the outcome of this morning's High Court hearing.
Tim Fisher, CEO Coventry Football Club said: "I acknowledge that ACL has now accepted that it must withdraw its administration application from the High Court notwithstanding the fact that this was an unwelcome and unnecessary distraction .
"I hope all parties will now focus on re-establishing a constructive dialogue for the good of the Club and football in Coventry. We would like to ensure that Coventry City Football Club can, in the first instance, continue to play its remaining home matches this season at the Ricoh Arena.”
Read More http://www.coventrytelegraph.net/ne...s-administrator-92746-33063746/#ixzz2OeavhSyN
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