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Coventry City FC faces £1.1m rent demand | Coventry City FC faces £1.1m rent demand |
(about 17 hours later) | |
Coventry City Football Club (CCFC) has been given 21 days to pay its outstanding rent, according to the Ricoh Arena's operators. | Coventry City Football Club (CCFC) has been given 21 days to pay its outstanding rent, according to the Ricoh Arena's operators. |
Arena Coventry Limited (ACL) runs the stadium on behalf of owners Coventry City Council and the Alan Edwards Higgs Trust charity. | Arena Coventry Limited (ACL) runs the stadium on behalf of owners Coventry City Council and the Alan Edwards Higgs Trust charity. |
ACL said the club owed £1.1m in rent arrears and could face a winding-up order if it did not settle its debts. | ACL said the club owed £1.1m in rent arrears and could face a winding-up order if it did not settle its debts. |
The League One club said the rent was too high and should be renegotiated. | The League One club said the rent was too high and should be renegotiated. |
At £1.28m a year, it said the rent was believed to be the highest in both League One and the Championship. | At £1.28m a year, it said the rent was believed to be the highest in both League One and the Championship. |
In a statement it said it was "disappointed" by ACL's decision to issue a statutory demand, rather than "negotiate a level of rent which the club can afford and which is in line with the rent paid by other clubs". | In a statement it said it was "disappointed" by ACL's decision to issue a statutory demand, rather than "negotiate a level of rent which the club can afford and which is in line with the rent paid by other clubs". |
It said other clubs in the league paid on average less than £170,000 a year and, unlike Coventry City, often made revenue from match day parking as well as food and drink sales. | It said other clubs in the league paid on average less than £170,000 a year and, unlike Coventry City, often made revenue from match day parking as well as food and drink sales. |
£1.6m debts | £1.6m debts |
In August, the club was taken to the High Court in Birmingham after stopping payments of £100,000 a month in rent to ACL in April. | In August, the club was taken to the High Court in Birmingham after stopping payments of £100,000 a month in rent to ACL in April. |
The court told Coventry City FC to top up a deposit fund to cover ACL's unpaid invoices. | The court told Coventry City FC to top up a deposit fund to cover ACL's unpaid invoices. |
ACL said, despite negotiations over the past 10 months, no solution had been found and it was owed a total of £1.6m by the club. | ACL said, despite negotiations over the past 10 months, no solution had been found and it was owed a total of £1.6m by the club. |
It said it was now taking action to protect its own "long-term financial commitments" and those of its employees and shareholders. | It said it was now taking action to protect its own "long-term financial commitments" and those of its employees and shareholders. |
The operators added that the club had "consistently exceeded income" and had "no contingency plans" to guard against a lengthy absence from the Premier League. | |
The club first moved into the stadium in 2005, four years after relegation from the Premier League. | The club first moved into the stadium in 2005, four years after relegation from the Premier League. |
ACL said Coventry City FC now faced a choice between a declaration of insolvency or a winding-up order. | ACL said Coventry City FC now faced a choice between a declaration of insolvency or a winding-up order. |
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