Coventry Statement
Written by Andrew Green
Tuesday, 01 December 2009
It is with great regret that Coventry RFC Limited has announced today that it has taken the decision to close the club.
Over the past three years the club has tried to overcome many problems and set itself a secure future, unfortunately due to many issues, some inside and some outside of its control, this has not been possible.
The club, like many other sporting organisations, has struggled as a result of the changing economy; however the club has been involved in complex legal problems and as a result doesn’t even have a lease to be at the Butts Park Arena.
This situation has arisen despite promises and assurances from various financial organisations to provide the club with a lease after action was taken over a year ago to resolve the problems.
The club simply cannot carry on with such an uncertain future. The club has debts and creditors that it has a responsibility to pay and has carried on because of promises and solutions they would bring.
Unfortunately and unlike most companies the club doesn’t have any options to re-finance despite several interested parties/investors offering funding.
This is because it doesn’t have a lease for The Butts Park Arena, 8 acres of public land that was given to the club for its financial future some 6 years ago by Coventry City Council.
This is a very sad day for rugby in Coventry; however the club just can’t ignore the present situation regarding its debts and creditors.
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