Coventry MP Bob Ainsworth has had his say on the sale of the shares in the Ricoh Arena management company to Wasps.
The MP said in a piece for the Coventry Telegraph: “With all the conspiracy theorists and vested interests muddying the waters over the Ricoh sale to Wasps, it is not surprising that some football fans are confused as to what went on.
“The question posed to me by friends who are fans is ‘why were the Sky Blues not given a chance to equal Wasps' offer?’
“This question goes unanswered by the council who, because they continue to be threatened with legal action, feel that it is sensible to say nothing.
“In trying to understand what went on we should recognise that the council’s position changed over time. Before 2012/13 there was no desire to sell the Ricoh, a majority thought it best kept in council hands, however, over time and in response to the ongoing problems that opinion changed, and this was flagged up by Ann Lucas saying that her door was open to anyone with a serious offer.
“I can’t say, but I don’t think, the council ever received an offer for their share of ACL from the owners of the football club. Those owners took the Council to court claiming that ACL was not worth anything like the £14.4 million that the council had loaned to the company to buy out the bank debt.
“So when Wasps offered to buy, agreeing to take on the debt, shorten the repayment period for the loan and pay an additional £5.54million – a total of £19.94m plus interest – the council had no reason to believe that Sky Blues’ owners, Sisu, would match the deal.
“Additionally, and as is normal in these type of negotiations, they were bound by confidentiality agreements and, I believe, far from expecting that they might receive a matching bid, the council feared that if they confirmed, in any way, that a deal was being negotiated they might receive an injunction designed to scupper the sale to Wasps.
“Many members of the council are keen Sky Blue supporters. Despite the lack of trust that had grown between them and the club’s owners, in principle most of them would have preferred, in my opinion, to have sold the Ricoh to the football club.
“But they felt they could not afford to jeopardise a deal that would bring new sporting and economic activity to Coventry and give the council far more money for their shares than anyone else had offered.
“Finally, those searching for conspiracy should dwell on this. Ann Lucas and John Mutton voted for the sale. I don’t think I am betraying any secret to say they are not the very closest of friends.
“The Conservative opposition on the council decided, in the interests of the city, not to play politics with the issue but to support the sale.
“It was unanimous despite false predictions of widespread opposition. I can only assume it was unanimous because it made sense.”