Article Index

   Source
 2006  
 13th January  Arena Coventry (2006) Limited incorporated. Wholly owned subsidiary of ACL formed to hold the stadium lease from CNR Ltd Companies House
29th March  Lease & Licence agreement at Ricoh Arena signed Administrator's report
31st May  ACL Group accounts disclose loss of £3,426,839 and net liabilities of £3,610,917. Notes disclose ACL had billed a total of £656,391 in lease and licence payments to CCFC and £51,974 in other costs. ACL 2006 accounts
2nd June  ACL draw down Yorkshire Bank loan £21m to pay lease premium rather than pay annual rent of 1.9m Council minutes 27/06/06
2nd June  Yorkshire Bank take mortgage charge over ACL & the lease Companies House
 2nd June  50 year Lease assigned to ACL (2006) Ltd., a subsidiary of ACL. The development land is sold by ACL to CNR Ltd who then sell to CCC (£1,250,000). CNR repaid the CCC loan of £21m. The lease gives CCC a super rent on a sliding scale starting at 10% of ACL Profits over £3.75m rising to 50% over £7.75m CNR accounts 2007

27th June  Council Arena Construction Completion Report

£118,677,000 build cost:

Land purchase .....................£24,000,000
Land related costs ................£19,074,000 (decontamination cost & infrastructure £17m)

Construction & fitting costs......£75,603,000

Paid for by:

Sale to Tesco .......................£59,420,000 (land owned by CCC bought from British Gas)
CCC equity...........................£10,000,000
CCC funding of overspend......£2,947,000
Prudential borrowing ............£21,000,000 (repaid by ACL lease premium)
European Regional Dev Fund..£4,374,000
Advantage West Midlands .....£4,800,000
Isle of Capri........................£5,900,000
Received from CCFC ............£1,758,000 (shares in Football investors Ltd)
Other................................£8,478,000 (inc. interest received + residual land sales)

Council minutes

CCC provide £1m to CNR in cash flow assistance. CNR provide £1m to ACL. The debt owed by ACL is repaid early by 17th June 2009. A balance of £5000 remains outstanding due for payment December 2020

 CNR accounts 2009