Sisu defend their actions at Sky Blues
Controversial Coventry City owners Sisu have committed to the club for the next three years, a fans' forum was told last night. Sisu have now pumped £42 million in to the club – £35 million of which they have written off as equity. Former director and front man Onye Igwe has left the board and Sisu altogether.
The club now had a playing budget of £4.2 million for next year which Sisu represenatatives claimed was one of the highest in League One. Operating losses have been cut from £500,000 to £250,000 a month. However, the club is still involved in an ongoing dispute about the rent for the Ricoh stadium.
Discussing the club’s perilous finances, the Sisu representative said: 'If Sisu hadn’t stepped in when they did there would be no football club. With 20 minutes to go Sisu paid off investors and unpaid tax of around £9 million.'
Sisu apologised for delivering League 1 football when their ambition had been to put the club into the Premiership.
Read More http://www.coventrytelegraph.net/news/coventry-news/2012/09/14/coventry-city-reveal-sisu-s-front-man-has-left-club-during-heated-meeting-with-supporters-92746-31833261/#ixzz26QruZpMS