Saints versus Coventry

[Rebel]

Posted by a Coventry fan on PompeyOnline:

 

"There is a certain irony about the situation. SISU (Hedge Fund) wanted to buy Southampton but were turned down by Lowe et al. Ray Ranson took over CCFC 15 months ago instead. We could have been Southampton because it really was only 20 mins before we were due to go in to admin.

 

We do not own our stadium. The previous chairman Brian Richardson carried something like 60m debt associated with the construction. We were relegated before we even started to build it and could not build it unless helped ...Coventry Council funded the bulk of the completion of the Ricoh

 

Cov Council and another company own it 50-50. Ray ranson is trying to buy some of it. A contract for 125million has just been signed with Compass Catering. But I don't know if CCFC have any cut on it.

 

Over the year, the Ricoh has 100 plus days of exhibtions and is becoming an international setting for rock stars. There are 64 hotel rooms on site. If the club owned the ground we would be well off....

 

Although Cov are said to be losing 80k per week, we apparently have no debt becasue SISU are coverning it until we get back in the Prem. This will not be for a few years. The plan is to do something like Pompey/Reading and stay there a few years.

 

So..... We are apparently debt free, waiting patiently to have few good seasons in our league and then move up and stay up. We have not challenged at all over the years. We have a first team squad of 24 and have disbanded the reserves. Hopefully the bad times are behind us. The Likes of Norwich, Charlton, Southampton, Leicester and Leeds have all struggled over the years. We are better off than most of the teams in the Championship and it has been said that we are one of the few clubs without major debt."

 

I am not so sure that in the long term they are in a much better position than us. What happens when SISU decide to pull the plug or cut their losses on their investment and there is no buyer for the club

 

Saying that I would rather be them than us right now by a long long way!