League One Club Coventry City Faces Administration Over Stadium Revenue
League One club Coventry City faces "a serious risk of entering administration next week as the saga involving rent and matchday revenue at the Ricoh Arena threatens to reach breaking point," according to James Riach of the London GUARDIAN. The club's owners, Sisu, and stadium owner Arena Coventry Limited are locked "in a bitter dispute regarding revenue from the ground," although ACL has made an offer that would reduce the annual rent from £1.3M ($1.9M) to £400,000. ($597,000). Coventry has agreed to that reduction, although the club wants to sign an agreement that would give the Sky Blues matchday revenue from the Ricoh, which currently falls into the hands of ACL, owned by Coventry city council and the Higgs Trust. Coventry City CEO Tim Fisher said that "if negotiations are not re-established then there will be no option but to file for administration." ACL insists its offer is generous and is "take it or leave it" (GUARDIAN, 3/11).