The Football League will decide on August 7th how much Coventry City's owners SISU owe Arena Coventry Limited.
SISU had until May 31st to meet the Football League set deadline and pay £590k to ACL. However, SISU failed to meet the deadline, disputing this by saying that £300k from guarantors Geoffrey Robinson and Mike McGinnity should be deducted from the total.
The League have issued the following statement: “The Football League is in ongoing discussions with Coventry City and ACL regarding monies owed under the club’s membership agreement with the league.
“At the current time, the two parties are interpreting elements of that agreement differently which has led to a further dispute between them over the amount owed.
“The Football League is seeking to resolve this matter so that all parties can concentrate on the more pressing issue of getting the club back to the Coventry area within the prescribed timeframe.
“Therefore, it will be considered by the league’s board at its next meeting on August 7 and in the intervening period the club has placed the full sum of £590,000 into an escrow account pending the outcome of the board’s deliberations.”
Full story -http://www.coventrytelegraph.net/news/coventry-news/cash-row-between-coventry-city-7408563