Username
Password
administrator says there's plenty of interest
By Les Reid, Coventry Telegraph
December 9 2009
COVENTRY Rugby Club’s new administrator said several potential investors have come forward, as officials continue to seek donations for players’ wages. But the Telegraph has also learned of hold-ups in getting the game’s governing body the RFU to release a £55,000 bond back to the club to pay the players for the first time in six weeks. Administrator John Kelly, of BTG Restructuring,
said “well-meaning” people had expressed an interest in investing since the club went into administration on Friday.

But he said the debt-ridden club was still anxious to hear from others with enough money to secure its long-term future, with officials estimating it may have just five more weeks to find serious investment.

Administrator Mr Kelly, who met players and staff on Monday, said: “Conversations are going on with investors every day.

“Some well-meaning people have come forward since last week but nobody’s made us an offer we can’t refuse yet.”

As reported in yesterday’s Telegraph, donations are also being sought for a Players’ Trust Fund to pay the players’ wages for November and December. Club president Peter Rossborough estimated the wage bill is £80,000 a month. It is hoped about £36,000 could have been raised for the club so far, including a pledge of £25,000 from supporters’ group Centurians. Its organiser John Maguire was yesterday seeking to turn those pledges into hard cash.

An RFU spokesman said hopes for a release this week of the £55,000 bond raised by Coventry Telegraph readers last year to keep the club afloat would go before the RFU’s management board next Wednesday at the earliest, when it would also discuss the administrator’s plans, and an “automatic” 15-league point penalty for insolvency. He said the RFU had requested to see paperwork about the bond.

The players have agreed to play at Exeter on Saturday, but a crucial meeting with them will be held on Thursday, when they’ll also discuss whether they want to continue playing home games at the Ricoh, or return to the Butts Park Arena, now available again after ex-chairman Andrew Green’s liquidation order was avoided. The club says the Butts would produce much-needed receipts including bar money.

Mr Rossborough said yesterday: “We’re speaking with another potential investor today and are pursuing other avenues. We’re hoping to pay the players at least part of their November wages by Wednesday or Thursday. They haven’t been paid for six weeks and they’re feeling the pinch with Christmas coming up.”

It is understood last Friday’s gate at the Ricoh raised £10,000, and another £1,500 was raised in collection buckets.

View a Printer Friendly version of this Story.

Bookmark or share this story with:

Goto Thread: Previous•Next
Message List•New Topic•Search•Log In
9 Dec, 2009 16:31 Report
Unofficial Coventry Rugby (IP Logged)
Unregistered User
administrator says there's plenty of interest
What do you think? You can have your say by posting below.
If you do not already have an account Click here to Register.

Reply•Quote
Goto Thread: Previous•Next
Goto: Message List•Log In

Goto: Forum List•Message List•Search•Log In
Sorry, only registered users may post in this forum.
We record all IP addresses on the Sportnetwork message boards which may be required by the authorities in case of defamatory or abusive comment. We seek to monitor the Message Boards at regular intervals. We do not associate Sportnetwork with any of the comments and do not take responsibility for any statements or opinions expressed on the Message Boards. If you have any cause for concern over any material posted here please let us know as soon as possible by e-mailing abuse@sportnetwork.net
 

Coventry Poll

Where will we finish at the end of the 2011-12 season?