New beginning for Coventry’s famous rugby club

•    Company behind Coventry rugby placed into administration.

•    Rugby playing squad, management and employees unaffected

•    Purchase by New business, sanctioned by the Rugby Football Union and  the High Court, Birmingham District Registry

Andrew Green, said:

“In the immediate months following my purchase of the company that was Coventry Football Club Limited in August 2006, the management team and I discovered numerous financial problems associated with the previous regime, principally undisclosed liabilities:-

“These problems were unfortunately not disclosed in the various due diligence processes when the business was purchased.

“Despite our very best efforts, a number of these historic problems proved insurmountable and we were left with no choice but to seek an alternative solution from our professional advisors. The results of this advice led us to take the action we have in order to protect and safeguard the future of the Club. The old company, Coventry Football Club Limited, has now been placed into administration with Nigel Price and Colin Prescott of Moore Stephens, a major firm of accountants, who will be dealing with all matters regarding the administration of the old company. The administrators are being advised by John Cooper of The Wilkes Partnership.

“This administration order was made in the High Court, Birmingham District Registry, on Thursday morning, 7 February 2008, and, at the same time, the Court sanctioned the acquisition of the business and assets of Coventry Football Club Limited by the new company, Coventry RFC Limited. Rugby’s governing body, the Rugby Football Union, has also sanctioned the acquisition by the new company and is fully supportive of the Club continuing to play in the First Division of National Rugby union.

“Our current playing squad, management and employees are unaffected by the changes and will all remain in employment with the new company. We have spoken to a number of the Club’s sponsors and commercial partners who are also fully supportive.

“I view this development in the Club’s history as a tangible second chance for first division rugby in Coventry. We were always concerned about yesterday; this gives us a chance to shape tomorrow. I am very proud to be at the forefront of a team of people who are dedicated to ensuring the new business is a huge success for everyone involved, from players and fans through to sponsors and the people of the City of Coventry.

“I have every confidence that we will achieve our goal of establishing a successful business at the heart of the local community and taking the necessary steps to become a great rugby club once more.”

Ends.

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Andrew Green,

Coventry RFC,

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