City Are Safe - SISU

Last updated : 26 May 2012 By Covsupport News Service

SISU have issued a statement via the Coventry Telegraph after concerns about the debenture issued against the club by Arvo Master Fund, claiming that the club are safe and the priority now is to obtain closer allignment with the Ricoh Arena.

The following statement via the CT's Les Reid is as follows: "SISU is a privately owned company that invests in a variety of projects and organisations using various legally approved entities in different parts of the world.

"SISU is both an owner of and creditor to, Coventry City FC and in line with any other creditor, SISU has taken appropriate and necessary steps to protect its interests over the loans.

Far from posing any threat to the ongoing existence of the football club, SISU's recent injections of capital by way of loans has ensured the football club's survival during a very difficult period. SISU's absolute focus and priority, together with the club's executive team, is to find a solution to bring together a closer allignment of the club and the stadium.

"As such, SISU and the club are currently engaged in detailed and contrstuctive talks with Coventry City Council, Higgs Charity and Arena Coventry Limited.

"Should the various parties reach any form of agreement then detailed, transparent, and legally binding contracts will be put in place to safeguard the interests of all interested parties.

"Talks are progressing but will remain commercially confidental to the parties involved and at this time, neither SISU or the football club are able to make any further comment."

More on this to follow