31st May CCFC H Ltd accounts confirm outline planning permission received for new stadium at the Foleshill Gas works. Total costs expended to that date £150,526 Companies House
CCFC H a/c’s 1998
 11th March Arena 2001 Ltd incorporated. Development company for new stadium wholly owned by CCFC H. No Director owned shares in Arena 2001 Limited Companies House
 31st May  Accounts for CCFC H show expenditure of £469,408 on new stadium CCFC H a/c’s 1999
 14th July  mortgage charge registered in favour of HBG Construction Limited. Security for loan agreement dated 14th July 1999 between HBG and Arena 2001 Limited. Floating charge over the Foleshill Gas works site. By 31/05/2001 Arena 2001 Limited owed £13.6m under this arrangement. Companies House 
 20th December  CCFC H Ltd sell Highfield Rd ground and lease back. It is a three year lease agreement. CCFC H made a capital loss on the sale of £5,226,454 meaning proceeds were £4.5m CCFC H Accounts 2000
 31st May  Financial statements for Arena 2001 Ltd show losses and net liabilities of £910,916. A total of £11,808,671 had been spent on the Arena project but the company owed loans and creditors, (inc. CCFC H £1,608,884), were a total of £14,031,197. None of the loans were classed as long term (ie they were repayable within 1 year). Companies House
 31st May CCFC H Ltd accounts show expenditure of £11,179,496 on the new stadium project CCFC H Accounts 2000
 31st May  Financial statements for Arena 2001 ltd show losses of £471,304 and net liabilities of £1,381,400. Directors had been paid been paid £223,128 in that second year. The assets under construction £17,691,246 included interest capitalised on loans of £1,469,370. The assets under construction show a note that they had been sold during the year (not to AEHC) and Arena 2001 Ltd had an option to repurchase on satisfaction of other loans £13,605,753. Although Arena 2001 Ltd no longer owned the site the assets and liabilities of the project were still shown in the accounts because of the option to repurchase, which was dependent on refinancing the project. Arena 2001 Limited owed CCFC H

£3,477,874. Land rent paid in year £415,232 but unclear if this all related to Highfield Rd

Companies House
CCFC H Accounts 2000
31st May CCFCH accounts show expenditure of £6,511,750 on the new stadium project CCFC H a/c’s 2001
1st November  Football Investors Limited formed. Co Number 04315455 Companies House


16th May Arena Coventry Limited (ACL) incorporated Companies House
Year to 31st May  CCFC H accounts note that option to purchase the land on which Ricoh Arena was built lapsed. £4.8m net costs treated as cost of investment in Arena Coventry Limited (joint venture with CCC)(net costs is the costs spent less relevant loans/creditors) 50:50 joint venture with CCC. Lease payments for land £425,000 but unclear if this relates only to Highfield Rd. Expenditure on stadium project in year £722,932
Companies House
CCFC H accounts 2002 
 31st May  Financial statements for Arena 2001 Ltd contain the following: Losses £5,216,750 which included loss on disposal of the assets under construction of £4,808,425. The assets under construction had to be sold due to the “company failing to achieve funding to complete the project”. External finance was waived leaving the £4.8m loss. Directors salaries were £277,605. CCFC H was owed £5,239,209
Companies House
 September  Final gas holder demolished at Stadium site
News reports
2nd September Coventry North Regeneration Limited formed, a wholly owned subsidiary of Coventry City Council. CNR Ltd principal activity was the procurement of the stadium build. CCC provided a £21m loan to help finance the project. Companies House
19th September  ACL appointed to act on behalf of CNR ltd to manage and negotiate the Arena project.  Companies House
CNR Accounts 2003

13th January  NCH Ltd purchase the one issued share of CNR Ltd making that company its wholly owned subsidiary
NCH Accounts 2013
February  Birse withdraw as main contractors for the stadium build.  
31 March  Accounts for Coventry North Regeneration Ltd disclose its principal activities are to get the Stadium built (pre completion) and after that to be Landlord of the Arena which would be operated under a development agreement lease.
Accounts for CCFC Group show a net investment of £6,808,425 in the Arena Project which was then sold to the AEH Charity for £6,500,000. The balance of £308,425 was written off. CCFC H paid land lease of £308500 in the year but unclear if that all related to Highfield Rd
Companies House
CCFC Group Accs 2003 & 2004
31st May Arena 2001 Ltd no longer a going concern. Net liabilities of £6,607,035, including £5,225,228 owed to CCFC H. There are no payments to directors.
Companies House
31st May Football Investors Limited accounts disclose that the company had purchased a 50% share in Arena Coventry Limited at a cost of £2m. The purchase was financed by loans from D A Higgs, M C McGinnity and G Robinson tota lling £2m (unsecured and interest free ). The accounts also disclose the subsequent sale of those shares to the Alan Edward Higgs Charity. Companies House
17th September  Arena company rejects the terms of loan offered by Banco Espirito Santo
Council Minutes
25th September  Banco Espirito Santo withdraw offer to provide £21m loans to assist funding of stadium build
Council Minutes

5th October  Sky Blue Trust commence their “Build it” campaign. Petition raises 4600 signatures by 16th October, when it was presented to the emergency Council meeting.

Sky Blue Trust records

14th October  Laing O’Rourke Midland Ltd appointed as main Contractor to build the stadium. 

CNR accounts 2003
14th October  North Coventry Holdings Limited incorporated.NCH owns 100% of NCR Ltd. NCH is wholly owned by Coventry City Council
Companies House
16th October  Emergency Council meeting votes 29 to 23 in favour of the stadium build. Council Public Report 16/10/2003
19th December  Alan Edward Higgs Charity acquires 50% of ACL from CCFC H Ltd. Shares owned by Football Investors Limited, which becomes a wholly owned subsidiary of the Charity. Cost to Charity £6,523,184 inc. fees. Payment made of £2m cash, £2.5m waiver of loan and £2m to two directors who had outstanding loans to FIL who then re-loaned the money to CCFC Ltd. CCFC Ltd acquires option to purchase shares back from the Charity CCFC H accounts, 
Judicial Review docs 
AEH Charity and CCFC Ltd accounts
19th December  Development agreement between ACL and CCFC signed

Details of the Project build agreed 2003

- Acquisition of 70 acre site
- Clearance of site
- demolition
- development of 32000 all seater stadium
- 6000 sq metre exhibition halls
- 8400 sq metre casino
- 1400 sq metre health and fitness suite (now converted to extra hotel rooms)
- Central atrium/lobby
- conference and banqueting facilities
- railway halt

Administrators report




13th February  Escrow account deed signed £500,000 deposited
Administrators report
27th February  North Coventry Holdings purchases £1,758,056 shares in ACL from CCC. Value written down to nil (that does not mean that the sale value would be nil)  NCH accounts 2013

5th April  Football Investors Limited accounts show investment at cost in Arena Coventry limited £2m and issued share capital £2m. There are no movements on the balance sheet since that date.

Companies House
31st May Accounts for CCFC H show land lease payments of £308,500. It is unclear if this relates only to Highfield Rd CCFC H Accounts
Companies House
31st March  Accounts for CNR Ltd disclose that build costs of £50m were written down to £9m to reflect directors' valuation that time. Companies House
26th April  Ricoh confirmed as stadium sponsors on a 10 year renewable deal CT reports.
Stadium name

30th April  Last game played at Highfield Road won 6:2 vs Derby

 FL statistics

31st May CCFC H accounts show lease payments £102,833. Unclear if this is just for Highfield Rd

CCFC H 2005 a/cs
Companies House
19th August  Ricoh Arena opens Council minutes
20th August  CCFC first game at Ricoh Arena won 3:0 vs QPR. Attendance 23,043 FL statistics

 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

31st March  Balance sheet of CNR Ltd shows net assets of £1000 Final payments for the construction of the Arena made 2007/08  CNR 2007 Accounts
31st May  ACL Group accounts show Profit of £868,663 and net liabilities of £2,742,254. ACL had billed CCFC a total of £1,061,527 for lease and licence and £119,054 in other costs ACL Accounts 2007

1st July CNR Ltd passes resolution that empowers “directors to authorise matters in which a director has or may have a direct or indirect interest that conflicts or possibly may conflict with the interests of the Company”

Companies House 
31st May  ACL Group accounts show a profit of £8,630 and net liabilities of £2,733,624. ACL billed CCFC a total of £1,062,440 for lease and licence plus £225,154 for other costs. ACL 2008 Accounts
During the construction years CNR Ltd had received cash flow assistance of up to £1m from CCC. All but £5000 had been repaid by 2009/10. CNR 2009 Accounts

31st May  ACL Group accounts show profit of £3,223,098 and net assets of £489,474.

ACL Accounts 2009

31st May  CCFC H accounts show operating leases relating to land as £1,200,865 but it is unclear if this only relates to the Ricoh Arena or whether it includes other expenses/rent at the Ricoh or elsewhere.

CCFC H accounts 2009
31st May  ACL group accounts show profits £546,373 and net assets of £1,035,847 ACL Accounts 2010
31st May  CCFC H accounts operating leases relating to land as £1,266,397. Again, it is unclear if this only relates to the Ricoh Arena or whether it includes other expenses/rent at the Ricoh or elsewhere.
CCFC H accounts 2010
31st May  ACL Group accounts show profit of £471,389 and net assets of £1,507,236. ACL Accounts 2011
31st May  CCFC H accounts operating leases relating to land as £1,371,416 but, again, it is unclear if this only relates to the Ricoh Arena or whether it includes other expenses/rent at the Ricoh or elsewhere.
SBS&L group accounts disclose total land lease payments at £1,565,769 so clearly other rents were being paid
CCFC H accounts 2011

SBS&L Accs. 2011

1st April 2012 CCFC cease to pay rent at the Ricoh Arena under the terms of their lease & Licence. Payments taken from Escrow account. Subsequently CCFC make match day payments to complete season. CCFC Ltd. Administrator's report 
31st May  ACL Group accounts show profit of £1,086,886 and net assets of £6,594,122. No information is available as to how much ACL charged CCFC in that year for lease & licence or expenses.  ACL Accounts 2012
31st May  SBS&L accs disclose land lease payments as £1,659,021 paid although the liability contracted for is stated at £1,462,638. However it is unclear whether this relates solely to the Ricoh Arena as in the previous year there was a difference between the amount disclosed in SBS&L accs and those in the football group headed by CCFC H. SBS&L accs. 2012
May  SISU discuss purchase of Alan Edward Higgs Charity 50% Shareholding in ACL. Heads of terms agreed but no deal done
Confirmed by AEHC & Sisu
August  Ricoh Arena becomes an Olympic venue  
13th August  ACL obtains undefended judgement against CCFC Ltd for non payment of Rent  HM Courts
18th October  Arena 2001 Ltd dissolved Companies House

December  Discussions between CCC and SISU concerning Stadium ownership

CCC & Sisu confirm.
Judicial Review docs

5th December  Statutory demand issued. Granted by court. Unchallenged



 HM Courts
14th January  CCC buys out the Yorkshire Bank loan to ACL (originally £21m in June 2006) and replaces it with loan from CCC for £14.4m (interest being charged) Companies House
Judicial Review Docs
15th January  CCC takes mortgage charges over ACL and lease to secure its loan. Similar charge taken over Arena Coventry (2006) Ltd Companies House
28th January Talks between ACL and CCFC end. Whether agreement was reached in any form is disputed. Sky Blue Trust's Q&A
14th February  ACL issues Third Party debt orders against CCFC HM Courts
13th March  ACL petition for winding up of CCFC Ltd. CCFC Ltd placed in administration by ARVO Master Fund 21/03/13 HM Courts
31st March  Balance sheet value of CNR Ltd disclosed as £0 CNR 2013 Accounts
20th April  CCFC play final game at Ricoh Arena (for now?) Football League Stats
9th May  Yorkshire Bank charges over ACL + lease registered at Companies House as satisfied Companies House

2nd August  ACL reject proposed CVA for CCFC Ltd

Administrator's Report, CCFC Ltd

9th August  Judicial Review of CCC loan and other matters relating to ACL & stadium requested by ARVO, SBS&L & CCFCH. Rejected by Court but appealed and granted 28/11/13




14th January  Liquidator of CCFC Ltd disclaims the lease & licence at the Ricoh Arena

Companies House

10th June 2014 given as date for Judicial Review

HM Courts

General notes

To date Coventry North Regeneration limited and Football Investors Limited have not received any dividend, management fee or directors fees from Arena Coventry Limited. No individual director representing these stakeholders has been paid either. 
CCC provide income contributions to CNR sufficient to cover the administrative expenses incurred (eg audit fees) typical total of annual administrative fees under 14k

Accounts filed at Companies House


Group Structure


Alan Edward Higgs Charity                                              Coventry City Council
                    |                                                                                             |
                100%                                                                                   100%
                    |                                                                                             |
  Football Investors Ltd                                                North Coventry Holdings Ltd
                    |                                                                                             |
                    |                                                                                        100%
                    |                                                                                             |
                    |                                                                 Coventry North Regeneration Ltd
                    |                                                                                             |
                 50%                                                                                       50%
                                             Arena Coventry Ltd
                                              (holding company)
                    _______________________|________________________                                        Compass Group 
                    |                                                                                             |                                                    |
                100%                                                                                     77%                                             23%
                    |                                                                                             |__________________________|
                    |                                                                                             |
Arena Coventry (2006) Ltd                                               IEC Experience Limited
 (owns the stadium Lease)                                                 (operates the site)




Copyright © Sky Blue Trust 2014

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