Ranson takeover wiped out debts

[briggcov]

Coventry City narrowly avoided administration in 2007

Coventry City had debts of around £33m by May 2007 before the takeover by Ray Ranson and Sisu wiped most of them out.

The latest published accounts also show the club costs were rising and that the Sky Blues had made a £2.8m loss in the financial year.

The deficit came despite making a £4m profit on the sale of players like Gary McSheffrey to Birmingham City.

City avoided going into administration by a matter of minutes last December by accepting Sisu's takeover terms.

Staff costs rose from under £6m to over £8m, while match receipts fell slightly to £5.3m, but this was offset by a slight increase from other commercial avenues including television money.

The then directors Mike McGinnity, Sir Derek Higgs and Geoffrey Robinson were owed £2m, while Robinson and his Craigavon company were owed a further £11m.

The report confirms that most of those debts were written off in the takeover which also saw Ranson become the new Coventry chairman


GOOD NEWS DAY>>>>>>>>>>>>>>YEAH!!!!!!

[Beefy]

Things certainly look a lot brighter for Coventry, you must be expecting at least a play-off place next season

[briggcov]

After last season, not being part of the relegation panic would be seen as a success......I am not being to hopeful, three seasons on the trot now with a new manager and a different team. So what hope is there of great things if we finish the year with the same manager would be an achievement and mid table would be good....Playoff a real bonus