Controversial Coventry City owners Sisu have committed to the club for the next three years, a fans’ forum was told last night. Sisu have now pumped £42 million in to the club – £35 million of which they have written off as equity. Former director and front man Onye Igwe has left the board and Sisu altogether.
Controversial Coventry City owners Sisu have committed to the club for the next three years, a fans’ forum was told last night. Sisu have now pumped £42 million in to the club – £35 million of which they have written off as equity. Former director and front man Onye Igwe has left the board and Sisu altogether.
The club now had a playing budget of £4.2 million for next year which Sisu represenatatives claimed was one of the highest in League One. Operating losses have been cut from £500,000 to £250,000 a month. However, the club is still involved in an ongoing dispute about the rent for the Ricoh stadium.
Discussing the club’s perilous finances, the Sisu representative said: ‘If Sisu hadn’t stepped in when they did there would be no football club. With 20 minutes to go Sisu paid off investors and unpaid tax of around £9 million.’
Sisu apologised for delivering League 1 football when their ambition had been to put the club into the Premiership.
Read More http://www.coventrytelegraph.net/news/coventry-news/2012/09/14/coventry-city-reveal-sisu-s-front-man-has-left-club-during-heated-meeting-with-supporters-92746-31833261/#ixzz26QruZpMS