Transfer embargo at Coventry

Coventry have confirmed that they have been placed under a
transfer embargo after missing the deadline to submit accounts to
the Football League.

The club are still locked in rent and revenue negotiations with
Arena Coventry Limited, owners of the Ricoh Arena.

Coventry’s accountants are unable to produce projected budgets
until their deadlock with ACL has been resolved, and were unable to
meet Thursday’s deadline for filing accounts.

Chief executive Tim Fisher said: “The situation regarding rent
and revenue negotiations with ACL is very well documented and
without a clear route forward, we are unable to project our budgets
for the coming 12 months.

“That means we are unable to file the accounts which results in
an embargo.

“The owner has continued to fund the club over the past five
years, to the tune of close to ?45m, showing huge commitment to the
club.

“That commitment remains but we have to build a strong and
sustainable future if we are to put quality onto the pitch and meet
the new rules under Financial Fair Play.

“As a board, we will continue to work as hard as we possibly can
to try to prevent the off-the-field matters impacting on the pitch
but, clearly, in this instance it hampers any room for manoeuvre we
have should we need to bring anyone in over the next three
weeks.”