Coventry Approached by Far East Consortium

May 28, 2013

Coventry City have been approached by a consortium from the Far East to take over at the League One club.

The investors come from companies based in Singapore, Malaysia and China and want to take control of the club and the Ricoh Arena.

Coventry have had serious financial issues over unpaid rent to the owners of the stadium and have been in administration since March.

Michael Byng, Coventry fan and representative for the consortium told BBC Coventry & Warwickshire: “We received all of the documents on Friday afternoon. We then looked at them and looked at all the pieces we needed to put together to make a compliant bid.

“We know what we have to do, we know when we have to do it by, and we know who we have to speak to. We’re well advanced.”

The Ricoh is currently owned by Arena Coventry Ltd, who manage the stadium on behalf of Coventry city Council and the Alan Edward Higgs Charity.

“In modern football, a football club has to control its revenue streams from the ground because otherwise you can’t fund a successful team,” Byng added.

“We would wish to combine the football activities with all the other activities to make it a very successful events centre because then it starts to make money, and creates Ricoh as what it is, a jewel in the crown of north Coventry.”

The only other deal on the table is from American magnate Preston Haskell IV.