Coventry City’s Board have confirmed that they have attained ‘continued funding’ from a bank .
Ken Dulieu according to the club website, has said the continued funding would be largely performance based as the club’s owners expects the board not only to maintain, but improve upon its recent performance both on and off the pitch.
There has been no commitment to how long the funding will be for and Mr Dulieu said that they were focussing on getting the club to a position of financial stability in line with the Football League Financial Fair Play plans that will come in for the start of the delayed 2012/2013 season.
Speaking at the press conference, Mr Dulieu: "I am delighted that our efforts have been recognised and even more delighted that the fans can look forward to a future with us all working together to achieve success both on and off the field at Coventry City Football club.
"In March, I was asked if I would lead a new board because the bank was not prepared to invest further funds into the club without change.
"The new board, was faced with the task of heading up a fresh turnaround at the club which meant we had to pay our debts, pay our way and change our style of play both on and off the field.
"At that point we were fortunate enough to get the bank to put more money in and back the new board and this was reinforced by a very good end to the season on the pitch.
"We had to put another report in to the banks at the end of the season. We gave a major presentation and as a result of that the bank are happy to continue funding the club, which we are all delighted about.
"We cannot give any sort of timeframe with regards to how long the funding will be in place as it is performance based.
"It will be there as long as we do well. As in any form of life, if the job you do isn't good enough you will be shown the door."