Coventry City are at the lowest ebb in their recent turbulent history – relegated to the third tier of football for the first time in almost 50 years, a transfer embargo in place, a totally under strength squad, no accounts filed, no rent paid in months for their ground, mortgages taken out on training ground and season tickets and owners who seemingly have no intention of doing anything about this parlous state. SISU are the current owners and the latest in a string of owners who have over the past decades have dragged the club from one financial disaster to another with seemingly no thought ever given to the two constants at the club – the fans and the community. The question the newly re-energized Sky Blue Trust is asking is “Is there a better way, a way the club could be owned by the fans and the community?”.
Sounds far fetched? That was the initial thought but a couple of recent initiatives at other clubs have made the Trust think again. At Portsmouth, a club currently in administration, the supporters Trust has organized itself to be in a position to offer creditors a better deal than the £0.02 per £1.00 which would lead to a takeover by unpopular former owner Balram Chinrai. A second similar scheme is being organized at Blackburn Rover in an attempt to buy their club from the current disliked owners – for full details see www.brsit.co.uk – but in brief the Trust there is attempting to raise £10 million by offering 10,000 shares at £1000 each. There are various rules in place to stop any one investor having more than 1% of shares, there is a rate of return on the shares giving investors 5% back annually to spend at the club – there is even a scheme planned where people can individually borrow the money from a local credit union. The aim is to own the club on a co-operative society basis to ensure that the club is run with the best interests of the club, the supporters and the community at heart. The aim is not to run the club, a professional board would be appointed to do this but the ownership would be with people who care about the club and people who will be with the club today and in the future. The first public meeting at Blackburn was on May 26th and already they have over £2 million in pledges.
On the surface this scheme seems very attractive and the Trust has pledged to investigate the possibility of organizing a similar scheme at Coventry City but professional assistance is needed to make this happen. If there is anyone with legal or financial background or any companies that offer services that they feel could be of use and would like to get involved the Sky Blue Trust would very much like to hear from them as quickly as possible because the way things are going at the Sky Blues the Trust may need to act very soon.
The Trust has already had talks with the Portsmouth administrators and Supporters Direct, who are advising the Blackburn Trust, and plans to have meetings with all the involved parties such as Coventry Council, Higgs Charity and ACL to gauge whether the scheme would have their support. As it’s for the long term benefit of the fans, the community and thereby the city hopefully they will see its merits and buy into the plan.
If you feel you want to get involved and offer your services and expertise please contact the Sky Blue Trust by e-mail at sbst@hotmail.co.uk