By Coventry Telegraph
April 23 2010

COVENTRY Rugby Club have moved to underline that the club still faces a challenge to ensure their stability off the pitch. As the club enter their vital, must-win clash with Moseley tomorrow, chairman Peter Rossborough dispelled reports that the club was now financially secure. The Perpetual Legacy charity came to the rescue in March, when it made a significant financial commitment to enable the stadium lease to be bought back by the club. The Butts Park Arena freehold is owned by Coventry City Council.

Although the overall situation has improved, there is still a long way to go and Rossborough appealed to supporters to step up their backing on and off the field.

He said: “After three months we have come a long way since we were threatened with extinction following the departure of Andrew Green. Unfortunately, many supporters think we are now out of the woods. This is not true.

“We managed to buy the club out of administration thanks to more than £400,000 raised through benefactors, debenture holders, shareholder and patrons. A £75,000 bond has been lodged with the RFU.

“We are now really at the end of the beginning. We are now free from the liabilities of the past and the money we have had in so far has allowed to club to survive. Now we must move forward.

“The significant progress we have made is encouraging but we are now pressing ahead with a number of fund-raising activities.

“We need to attract more investors in addition to the fantastic response we have already received. The board underline that all funds raised go to the club as we strive to ensure that Cov will never again fall into the hands of single ownership.

“We now have a strong, voluntary board in place backed by a small professional back office team.

“It is really important that people support us now. If they do so, we are confident that the future can be bright once more.”

One of the board members, John Maguire, is spearheading the drive for re-finance and any offers of help should be directed to him on 01676 523311.

Coventry RFC still not safe after cash crisis

Discussion started by Unofficial Coventry Rugby (IP Logged), 23/04/2010 19:04

Unofficial Coventry Rugby
23/04/2010 19:04

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