SISU and Coventry City Council have both valued Arena Coventry Limited and the Ricoh Arena differently, Mr Justice Hickinbottom heard on the opening day of the Judicial Review in Birmingham.
According to the Coventry Observer's Steve Carpenter, the SISU QC said that Coventry City Council were advised that £14.4m was much more than ACL was worth (£5.6m inc 250k rent from club) and It seems ACL's valuation was much higher than the club - SISU QC says ACL valued stadium between £7-9m.
Those in the High Court also heard the Judge say that money in the Escro account 'wasn't real' but SISU QC say ACL physically recieved £500k and the SISU QC say that ACL had two clear options at the beginning of 2013 to continue negotiations with the club to restructure loan and extend lease or for ACL to implement heads of terms agreed in August 2012 for club to take on 50 per cent of ACL