Coventry City owners SISU have injected £8m into the Sky Blues to save them from administration. The club were very close to administration and it is still unclear whether more cash will be needed to pay the bills before the end of the season.
Coventry City owners SISU have injected £8m into the Sky Blues to save them from administration. The club were very close to administration and it is still unclear whether more cash will be needed to pay the bills before the end of the season.
Sisu have lost £25m since buying the Sky Blues in December 2007 and do not regard the position as sustainable. They are looking for new investors. Revenue streams are limited to ticket sales, sponsorship and merchandising as the club does not own the Ricoh Arena. They still would like to buy the stadium.
The club mortgaged their only freehold property, the training ground at Ryton, for around £1m last July to help pay the bills. City acquired the Ryton site in the early 1960s when the legendary Jimmy Hill, who transformed the club’s fortunes, wanted to train players away from their then home at Highfield Road. They got it at the knockdown price of £10,000 paid over ten years.
Key players Scott Dean (now believed to be worth £8m) and Danny Fox were sold to raise around £5m. The sale of Academy star Conor Thomas to Liverpool for £1m was the last straw for former chairman Ray Ranson who resigned.