Administrator puts Coventry City assets up for sale despite uncertainty
Paul Appleton puts Coventry City Football Club Ltd up for sale, despite uncertainty over ownership of the crucial 'golden share'
THE ASSETS of Coventry City Football Club Ltd (CCFC) have been put up for sale by administrators – despite a conflict over what assets it holds.
Sisu, a hedge fund based in Mayfair, currently owns the club. The club had been split in two. The first entity is Coventry City Holdings Ltd (CCH) – which houses the managers, players and staff.
Coventry City Football Club Ltd (CCFC) is the entity in administration – and administrator Paul Appleton of David Rubin & Partners is trying to secure the ‘golden share’ within CCFC as an asset. The golden share entitles a club to partake in the Football League or Premier League.
Appleton said that provisional bids for CCFC were being invited, but admitted that Sisu claimed CCH owned the golden share.
“Investigations could go on for a very long time. There is competing and conflicting evidence,” said Appleton on ascertaining the assets contained within CCFC, reported the Coventry Telegraph.
“We may have to go back to court at some stage if we can’t get to the bottom of it.”
Sisu had put CCFC into administration before a High Court date last month where the stadium owners ACL were looking to appoint administrators.