Members of the Sky Blue Trust met yesterday (10th October) with representatives from the Alan Edward Higgs Charity to discuss current matters facing Coventry City Football Club.
The Higgs Charity explained how they have helped the football club out in the past including a £2.5million loan which was due to be repaid back in 2003. The Club were unable to meet this deadline and also needed a further £4million to ensure its survival; this led to the sale of the 50% share in ACL.
The Higgs Charity would be willing to sell their 50% shareholding in ACL - which to date has not been valued- and a formula is in place for any potential investor. If either Coventry City Council or the Higgs Charity wishes to sell their shares then the other party must agree to it prior to the sale to ensure the long-term future of CCFC, ACL and the on-going regeneration of the north-east area of Coventry.
The Higgs Charity is still committed to helping the football club, who are £38million in debt, as the Club is seen as a vital part of Coventry as a city.
Peter Knatchbull-Hugessen of the Higgs Charity said "The Trustees will do all they can within the law to try to bring resolution to the situation the Club has been put in. They cannot help the shareholders of the Club; they can work with the Council to see whether there are any ways that through ACL the Club can be re-formed with financial stability."
Rachael Brown, Chair of the Sky Blue Trust "the Higgs Charity have always been very helpful towards the Club but are obviously constrained by the limits of their constitution as to what they can do".