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New Coventry City stadium deal 'looks promising'

New Coventry City stadium deal 'looks promising'
The league one football club Coventry City is believed to be close to finalising a deal on a new stadium, according to the global real estate company it has hired to realise this ambition.

CBRE is helping Coventry City look for a suitable place within the city or just outside to develop a new home for the historic club, which was formed in 1833.

The Sky Blues, as they are known, are looking to submit proposals to the Football League's bosses next month, though the construction would occur over a three-year period.

"CBRE is advising Sisu, owner of Coventry City football club, on the club’s proposed relocation," said a spokesman for the company.

"This will secure the future of the club going forward, providing first-class new facilities for the team, fans and the local community."

Tim Fisher, chief executive of the football club, said earlier this month that ACL, the landlords of Coventry's the Ricoh Arena, have effectively rejected a deal that would have kept the footballers playing their homes at the stadium in the interim.

"We believe the conduct of the Council was motivated not by what was in the best interests of the club but by a desire to wrest control of the club from Sisu," he was quoted by the Coventry Telegraph as saying.

"By providing state aid, any incentive for ACL to accept a market rate for the club’s use of the stadium has disappeared and this has led directly to the club moving to its own stadium."

It is hoped that the new stadium will help to transform the Coventry's embattled finances, which led to them go into administration, as well as receive a ten point deduction by the Football Club.

Preston Haskell IV, a multimillionaire American businessman who is chairman of The Haskell Company, has been linked with a move to buy the Sky Blues.

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Date: 28/05/2013 15:52:00

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