By Brian Dick, Coventry Telegraph
March 10 2010

PETER Rossborough has expressed his confidence cash-strapped City will be able to pay a £75,000 bond to the Rugby Football Union by the end of the week. The Butts Park outfit have until March 14 to acquiesce with the Rugby Football Union’s demand and to ensure that commitments to all rugby creditors have been honoured.

And former England international Rossborough, who stepped in as chairman when the club went into administration at the end of last year, is optimistic the Championship strugglers will be able to do just that.

“We are not 100 per cent certain yet but we are confident we are going to be able to lodge the bond with the RFU and pay our rugby creditors– which were the two issue the RFU had highlighted – within the deadline,” Rossborough said.

“We launched an appeal a while ago for shareholders and quite a number of people have come forward and purchased a nominal share for £10,000. That is helping.”

And although he remained tight-lipped about the details Rossborough is also hopeful the club will soon be in a position to reclaim the lease and the right to play at Butts Park from the Yorkshire Bank.

Officials and patrons have been working away behind the scenes to find the money to persuade the administrator – Deloitte – to release the lease to them.

And although that has not yet been done, Rossborough believes that process is well under way.

“If that was to happen it doesn’t mean all the problems are solved it means they will be a lot easier to solve,” he said.

“And we are hoping when and if it is acquired it will be unencumbered.

“It would give us ownership of the sub lease to the rugby pitch and stadium and that gives us security against which to raise funds where at the moment we have none, which makes a difference.”

All of which would mean Cov would be well placed to be granted an RFU licence to continue next season, which ever division they are in.

That will be decided over the coming weeks as the relegation play-offs start with a trip to either Moseley, Plymouth or Rotherham.

Peter Rossborough confident about beating RFU deadline

Discussion started by Unofficial Coventry Rugby (IP Logged), 10/03/2010 16:07

Unofficial Coventry Rugby
10/03/2010 16:07

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RJC
10/03/2010 16:46

At the meeting they held at The Butts a few weeks ago Mr Rossborough told us they had the £75.000 to lodge with The RFU. Winder what happened to that then. maybe it was used to pay wages. Lets hope they can get it together again. It aint sorted by a long way by the sound of things. Here's hoping.

COME ON COV

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bigm/ mark harrison.
11/03/2010 08:43

im sure its the rugby debt that may still be an issue

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magwitch
11/03/2010 11:10

I was going to post a megative comment about wage bill/incomings? but! its all been said in the past...glass which is normally half full, has turned into a half empty rapidly diminishing pint...Lets hope they can pull it off with the RFU....if they do thats another starting point? geesh ( I see Chester football club were wound up yesterday for a debt to the HMRC of around £26000 ? that sum wouldnt pay half our monthly outgoings ....puts it in proportion they get a simular gate per week)

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Coventry Steve
12/03/2010 10:53

Hopefully we can get a sponsor who wants to invest a decent amount into the club or a large amount of smaller sponsors.

I think the club could be a great way of local business groups or other local companies to get involved.
Its a shame we can't get Mercia Sound to do a bit of rallying up the support for us, we could always offer free tickets to games e.t.c like they do for the football and ice hockey on the show. They always seem to plug the football and ice hockey events .
Anyway i am staying optimistic and think we will definitely survive the play offs and be able to start fresh next season with a bit more stability at the club.
COME ON COV !!!!!!!!!!!!!!!

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Touchline Johnnie
12/03/2010 13:13

Invest is a term you can't use here Steve. To invest money would suggest that there is a chance to make a profit for your investment. Unfortunately, I don't that would be true for anyone putting money into a RFC.

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rustyroof
12/03/2010 14:01

people invest in all sorts of enterprises for reasons other than making a financial gain

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Coventry Steve
12/03/2010 16:13

The reason i used the word invest was not soley to mean a financial gain to the investor or hopefully investors, it was meant as the person would be investing in the club and hopefully investing in our own homegrown talent of young players.
The investment would be in seeing a local historic club rebuilding itself so it can once again be a major rugby club like it was many years ago!
This would of course take time and financial investment but i think the people of Coventry and its supporters of the club wherever they are from have proved time and time again our loyalty and passion towards the club.
It would be nice if we had more vocal and commercial backing from local radio stations and local companies.
With the backing of these not financialy but by making people aware and interested in being a part of the rugby club we might achieve a stronger regular fan basis.
Investment isn't always about making a profit, its for that reason numerous rugby clubs has been put into this mess in the first place by the looks of things.
Yes, there is a need to make money and that will come with rebuilding a succesfull club by being commercialy sellable and attractive to investors and maybe lottery funding e.t.c - i am not stupid enough ( though i look it ! ) to think that anyone would invest money in something that doesn't seem to be any of the above.
COME ON COV - GET BEHIND THE TEAM!

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