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coventry next one to go ?

golfaddickgolfaddick
edited January 2012 in Other Football and Sports
Just seen a very interesting clip on BBC Sport website of an interview Richard Keys has done on Coventry City;s plight and which is being shown on the West midlands version of Football First tonight.

Essentially he is saying that they might go under before they get relegated this year and goes on to explain why (he is on the know as he personally knows the guy trying to put forward a rescue package and has met the potential owners)................

For me the 2 amazing facts coming out from all this are 1) that they don't own the Ricoh Arena and that there is no matchday income to speak of & 2) next years season ticket sales money has already been spent.

Keys also goes on to say that the debts are mounting up daily and unless the current owners sell then Coventry are doomed.

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    se9addickse9addick
    Is it perhaps a case of putting themselves into admin this season so they can start next season without a 10 points deduction or is it as serious as they might not start next season at all ?
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    stonemusestonemuse
    I recall reading somewhere a few months that if Bolton get relegated they could also go - their debt is apparently tens of millions of pounds which they couldn't service in a lower division
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    Covered EndCovered End
    They've been skint for years. I was under the impression that the debt was £40M, but that could be hopelessly wrong.
    I knew this was coming, as Andy Thorn the manager, definitely wasn't the right appointment & usually would have been sacked by now. But no doubt they couldn't afford to.
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    lolwraylolwray
    this is very annoying as if coventry go into administration and portsmouth that might only leave just one spot for the spanners to fill !
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    BigRedEvilBigRedEvil
    Well they are definitely going down, never even heard of Andy Thorn seemed a bit of a Les Reed appointment surprised he's still there.

    Ricoh arena everytime I've seen it on TV looks empty and soulless, only got 9k for their last home game vs Southampton
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    northstandstevenorthstandsteve
    You aint heard of Andy Thorn ? Crazy gang member from Wimbledon premiership days.
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    RugbyAddickRugbyAddick
    They've just signed Hreidarsson on loan though (sp?)
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    shirty5shirty5
    Andy Thorn looks more like a BDO Darts player these days, than a FA Cup winner from 1988.
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    BigRedEvilBigRedEvil
    Nope I had to wiki him.
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    RugbyAddickRugbyAddick
    only got 9k for their last home game vs Southampton
    Wow! The Ricoh Arena holds over 32k and they were playing top of the league! Shocking.
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    shirty5shirty5
    only got 9k for their last home game vs Southampton

    Wow! The Ricoh Arena holds over 32k and they were playing top of the league!

    Shocking.
    That was a FA Cup game, not a league game.

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    DeadredDeadred
    edited January 2012
    Well they are definitely going down, never even heard of Andy Thorn seemed a bit of a Les Reed appointment surprised he's still there.

    Ricoh arena everytime I've seen it on TV looks empty and soulless, only got 9k for their last home game vs Southampton
    I thought at the time Andy Thorn was a strange appointment at Coventry and this now makes some sense. For what it is worth Andy Thorn's father Ray was a London Transport bus driver out of Merton garage and worked with my late father in law. Decent down to earth family.
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    paulsturgesspaulsturgess
    that was in the fa cup though come on
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    BigRedEvilBigRedEvil
    Didn't realise it was FA Cup, they got 14 and 15k for their two previous looking quickly on BBC, so not too bad then
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    RugbyAddickRugbyAddick
    Ohh right, I misread. Apologies.
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    Karim_myBagheriKarim_myBagheri
    well they have got a big catchment area. looking terrible in the league.
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    Addickted4lifeAddickted4life
    I think they've just loaned their highest goalscorer to Middlesbourgh as well.
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    paulsturgesspaulsturgess
    "next one to go" though? Who of significance has actually gone out of business in the last 15 or 20 years, post-maidstone. Chester City, anybody else?

    Off the top of my head alone, palace, soton, pompey, leeds, leicester, luton (us?!) to name just a few, with loads more especially lower levels, have all been supposedly on the verge of going out of business. They always find a way out.
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    golfaddickgolfaddick
    just seen that HH has signed for them on loan until the end of the season.........deffo relegated then !! He has gone down more times that Monica Lewinsky (sp) !
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    Covered EndCovered End
    just seen that HH has signed for them on loan until the end of the season.........deffo relegated then !! He has gone down more times that Monica Lewinsky (sp) !
    Ha ha. This may be your best joke Golfie.
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    OaksterOakster
    You aint heard of Andy Thorn ? Crazy gang member from Wimbledon premiership days.
    didn't he go to Newcastle about the same time as Beasant, and they went down like a lead balloon....
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    SwisdomSwisdom
    I recall reading somewhere a few months that if Bolton get relegated they could also go - their debt is apparently tens of millions of pounds which they couldn't service in a lower division
    This is true I think. Bolton are in very deep doo doo
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    Covered EndCovered End
    I recall reading somewhere a few months that if Bolton get relegated they could also go - their debt is apparently tens of millions of pounds which they couldn't service in a lower division
    This is true I think. Bolton are in very deep doo doo
    £90M worth. But the owner has underwritten it.
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    kings hill addickkings hill addick
    Both clubs will sail close to the wind, they might even go into Administration, but then, just like Portsmouth, they will manage to agree a deal where they knock most of their debts and start again.

    They won't be the last either. What is ironic is that the bigger the debt the more likely it is that the creditors will accept 5p in the pound or something like it. If Bolton go into administration and offer to pay off £4.5m of their debt the creditors will agree to it then, with four years of parachute payments and virtually no debts, they will soon be back in the Premier League running up debts again.

    It's disgusting, but until a high profile club is forced out of business it will keep happening!
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    SheffieldRedSheffieldRed
    Both clubs will sail close to the wind, they might even go into Administration, but then, just like Portsmouth, they will manage to agree a deal where they knock most of their debts and start again.

    They won't be the last either. What is ironic is that the bigger the debt the more likely it is that the creditors will accept 5p in the pound or something like it. If Bolton go into administration and offer to pay off £4.5m of their debt the creditors will agree to it then, with four years of parachute payments and virtually no debts, they will soon be back in the Premier League running up debts again.

    It's disgusting, but until a high profile club is forced out of business it will keep happening!
    Not sure Bolton will go down this route for the reason Covered End has pointed too. I think as far as Bolton is concerned, Sheffield United might be the more likely comparison. The owner will not want to cancel the debt as it's to him. Therefore the prospect of being debt free is unlikely at any point in the near future and it will be more a question of debt management.
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