New Ricoh offer for Coventry

Coventry have been offered a new 10-year rental agreement by the owners of the city's Ricoh Arena.

Last Updated: 30/07/13 at 21:50 Post Comment

Ricoh Arena: Centre of dispute between ACL and Coventry's owners

Ricoh Arena: Centre of dispute between ACL and Coventry's owners

Arena Coventry Limited say they will sign a Company Voluntary Arrangement and help City avoid a new 15-point penalty if the club's owners abandon a move to Northampton's Sixfields home and return to the Ricoh.

Under the terms of the proposed new deal Coventry would pay £150,000 annual rent while they remain in League One, rising to £400,000 if they win promotion to the Championship.

The move - the latest twist in a long-running dispute between ACL and Coventry's owners - has come as a surprise to the club.

Coventry City Football Club Limited remains in administration, and the news of ACL's surprise offer came after a meeting of creditors was adjourned until Friday at the request of the stadium's owners.

Failure to agree a CVA would open the threat of liquidation and a 15-point deduction.

Coventry's owners this month outlined plans to return to a new home in the city in "the long-term".

In the meantime their decision to groundshare with Northampton for the next three seasons has been met with widespread protests among supporters.

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