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Page last updated at 17:44 GMT, Tuesday, 3 June 2008 18:44 UK

Ranson takeover wiped out debts

Coventry City
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.

see also
Coventry sign Beuzelin from Hibs
02 Jun 08 |  Coventry
Coventry saved by late takeover
14 Dec 07 |  Coventry

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