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SBD Global/March 28, 2013/Franchises

Coventry City Plunges Into Administration, Faces Automatic 10-Point Deduction

League One Coventry City is "facing an automatic 10-point deduction" from the Football League after being ruled to be "in administration" following Tuesday's High Court hearing in London, according to the BBC. Solicitors Walker Morris consultant James Powell, acting on behalf of Arena Coventry Limited, said, "An administrator has been appointed. That never sounds great. But it is probably good as it will provide stability for the club." Coventry City had been "taken to court to face an administration order from ACL, their Ricoh Arena landlords, over a year's unpaid rent" of £1.3M ($1.9M) (BBC, 3/26). In Coventry, Les Reid reported Justice Proudman heard the football club owed £60M ($91M) to creditors. Some £8.45M ($8.77M) of that "is owed to Cayman Island hedge fund Arvo." The "bulk of the rest is believed to be owed to funds related to Sky Blues owners Sisu" (COVENTRY TELEGRAPH, 3/27).
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