Ray Ranson splashes the cash

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RAY RANSON and his SISU backers have shelled out over £5 million in their first six months in charge of Coventry City.

The Sky Blues owners took charge in December when the club was in crisis with crippling debts of almost £40 million, which they ensured were wiped away before starting to rebuild the team.

They have invested an initial £1.2 million, rising to £1.5m, for Freddy Eastwood and paid West Ham the final £400,000 installment of the £1 million fee for Elliott Ward.

They are ready to spend more in the coming weeks and month as manager Chris Coleman continues to strengthen his squad.

Top of the list is Clinton Morrison who, despite being available on a free transfer, is expected to be one of the highest earners if he signs, while City also hope to agree terms with right-back Stephen Wright, who is also available on a Bosman, and are actively looking to bring in a centre-half.

City chairman Ranson says that the outlay to date is a clear statement of intent that he and his backers mean business.

“If anyone was ever to question our commitment, hopefully the figures go a long way to showing that we are staying true to our word and are serious about taking the club forward,” he said.

“A lot of people forget that when we took over there was a transfer embargo on the club and we immediately picked up the tab for Gary Borrowdale and Leon Best who the club couldn’t afford to buy. If we had not paid out the bills for them they would have had to go back to their clubs.

“We also then invested in Scott Dann and Danny Fox and have more recently signed a number of players that we believe have significantly improved the squad.

“So in the space of our first six months we have invested more than £5 million on six players.”

Best’s fee when he joined from Southampton last summer, which was set at a tribunal, was an initial £650,000 rising to in excess of £1 million subject appearances and various add-ons, while Borrowdale cost £450,000 which will also rise if he stays and plays more games for the club.

Dann and Fox, who both joined from Walsall in the January transfer window, cost a combined £1.5 million, while more recently, goalkeeper Keiren Westwood cost in the region of £750,000 from Carlisle and Aron Gunnarsson an initial £250,000