The future of troubled Coventry Rugby Club has take a turn for the better when they secured the rights to The Butts for the next 125 years.
In complicated negotiations involving Coventry City Council, Perpetual Legacy (a charity that has supported the club recently) and administrators Deloitte an agreement was reached that should secure the future of Cov Rugby Club.
All ties to the previous owners of the club have now been severed and the club have the right to play at The Butts for the next 125 years, paying only a pepper corn rent.
Cov Rugby Club went into administration in 2006 and the rights of the lease that permitted the club to use The Butts fell to Deloitte. Negotiations began with Perpetual Legacy to transfer the lease and an agreement was reached in February 2010 and the contract has now been finalised.
Coventry City Council insisted that an "under lease" for the stand and the pitch be granted to the 'blues and whites' to allow the club to play Rugby at the Butts for a 'peppercorn' rent. The rest of the site can be developed and any profit the club makes can be ploughed back into the club and will provide for long term funding of the club.
Perpetual Legacy will spearhead this initiative in conjunction with the City Council and the new board of Coventry Rugby Limited.
Chairman of Coventry Rugby club, Peter Rossborough said, "This is such an amazing milestone for the club to reach. It gives a solid foundation to the club for the next 125 years with no claims to ownership of rights being in dispute."
" Butts Park was the very original home of Coventry Rugby Club and now we are legally 'back home'. The co-operation of the City Council and Perpetual Legacy has been tremendous and during the last few months the club has moved from strength to strength."
" This latest development along with the sponsorship arrangements we have should convince local businesses that Coventry Rugby Club is back and growing. We are not there yet, but we are certainly on the right path. It is great to feel that the fog is clearing and the view ahead is bright!".
Speaking on behalf of Coventry City council, John McGuigan, the council's Director of Strategic Planning and Partnerships said, "We are delighted to have been able to help Coventry Rugby Club to finalise this important step in their regeneration."
" The negotiations have been complicated with many technicalities to iron out. This is now done and we look forward to seeing an important part of the community flourishing once more. The latest sponsorship arrangements that the club have achieved is testament that trust and good governance is in place".