Tax Man Raids Ricoh

Last updated : 31 March 2011 By Covsupport News Service/RD

Amid all of the turmoil that Coventry City is going thorough, they had to endure the ignominy of being raided by a team from Her Majesty's Revenue and Customs (HMRC), except the team tried to seize assets belonging to the stadium owners ACL which are not related to the club, so the tax man went away empty handed.

The raid was prompted because of unpaid PAYE bills by the club, but it has since paid nearly £500,000 to pacify the HMRC. The money is thought to have come from the cash injection that Sisu pumped into the club this week to stave off administration or liquidation.

A spokesman for ACL said that it had been raided by HMRC and that it was embarrassing for all concerned as they are keen to maintain their reputation especially after securing the Arena as a venue for next year;s Olympic Games.