Ashton Gate

Next Game

Bristol C v Coventry

Saturday, 18 April 2015, 15:00

Sky Bet League 1

Ricoh Arena

Last Game

Coventry 1 - 1 Oldham

Tuesday, 14 April 2015, 19:45

Sky Bet League 1

Ricoh Arena loan deal agreed

Coventry City Council has agreed a £14m loan to Arena Coventry Limited (ACL), the company that runs and manages the Ricoh Arena.

Last Updated: 15/01/13 at 18:48 Post Comment

Ricoh Arena: Future secured by Coventry City Council loan

Ricoh Arena: Future secured by Coventry City Council loan

Coventry City have failed to pay £1m due in rent on the stadium and the city council has agreed a financial package to assist ACL, the company jointly-owned by the council and the Alan Edward Higgs Charity.

The move was unanimously agreed at a full council meeting, with the local authority explaining the move on their official website.

"Coventry councillors have voted unanimously to support a new loan arrangement for Arena Coventry Limited at a meeting of Full Council today (Tuesday 15 January)," read the statement.

"The meeting - held in private because of commercial confidentiality - saw councillors support a proposal for the Council to intervene to safeguard the Ricoh Arena - a publicly funded asset that has helped to drive growth and create jobs since it first opened.

"The move means the Council is effectively becoming banker to ACL, so that it can pay off its current loan arrangements with its existing bank. There is no net cost to the Council or Coventry taxpayers; the move will provide a modest surplus for the Council.

"As a result, the interest that ACL now pays on its loan will go to the Council, some of it helping to support jobs and services, the remainder helping to service the loan rather than to the bank.

"No cash is being put into CCFC by the Council as this would be unlawful and inappropriate."

Cllr John Mutton, Leader of Coventry City Council, was upbeat about the plan.

"We have taken a decision that will benefit city taxpayers and secure the future of one of our most important and best loved public assets that brings great benefits to Coventry people," he said.

"Not many councils would have done what we've done, but I've always believed that councils can - and should - be prepared to take bold and radical decisions when they are the right thing to do.

"It's up to ACL and the club now to find a way forward on the rent issue; we know that ACL is totally committed to doing this, and we hope the club's owners will be committed to doing so, too."

Footer 365

Mikel Arteta close to agreeing new Arsenal deal

Arsenal captain Mikel Arteta is confident it will take "five minutes" to finalise a contract extension.

Chelsea manager Jose Mourinho defends Manchester City boss

Jose Mourinho spoke out in defence of underfire Manchester City manager Manuel Pellegrini ahead of welcoming rivals United.

PFA Women's Player of the Year: The Contenders

We take a closer look at the PFA Women's Player of the Year nominees.

Mail Box

Wenger's Titles Down To United Woes...

Well, it's certainly one theory. Man United fans are out in force - decrying Wenger and defending FFP. We have mails on Coquelin, Coutinho and Mediawatch...

Mailbox: The Pros And Cons Of FFP

The mailbox has gone a little bit serious as they debate the pros and cons of FFP. Does it create a closed shop or opportunity? Plus, POTY nominations and...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company