Coventry City are set to return to the Ricoh Arena after a 1 year absence having agreed repayment terms with the stadium operator, Arena Coventry Limited, following mediation from the Football League.
The Sky Blues reportedly ran up debts exceeding £1 million pounds after stopping payments of £100,000 per month during the reign of former owners Sisu which culminated in relegation from the Championship to the League One.
The owners originally protested that the rent charged should be negotiated and ultimately reduced after projected matchday earnings were set to fall coupled with a report which alleged that Coventry City were paying the highest amount of rent of any football team in England, excluding the Premier League.
The club initially agreed a ground share arrangement with Northampton Town’s Sixfield stadium for the 2013-2014 season but saw attendances dwindle to the lowest in the league with an average of just 2,348 fans each week making the 35 mile trip south east to cheer on their football team.
With a two year lease agreement now agreed between both parties fans are hoping that this marks the start of a more harmonious relationship between Coventry City Football Club and the stadium operators.
Sky Blues Director Steve Waggott is quoted as saying. “We are under no illusion what a difficult 12 months it has been for the supporters and that was uppermost in our thinking as we worked to get this deal done,”
“There has had to be compromise on both sides and the commercial details of the deal will remain confidential.”
“Now it is all about looking forward to a really exciting season back in the community and with a real chance of success.”
Coventry will return to The Ricoh Arena on the 5th September when they host Gillingham FC in their 9th League One match of the 2014/2015 season.