Coventry City FC- The Club Without a Home, Again.
Highfield Road, arguably Coventry City’s last true home.
Of course, they moved to the Ricoh arena which promised to bring in more revenue and help the team back to the promised land of the Premier League. As we know that didn’t quite work out. Since then the Sky Blues have played at Northampton Town, back at the Ricoh and from next season, Birmingham City’s Ground-St Andrews. A football club needs a home and Coventry have been without one for far too long. Many blame Sisu…
Sisu Captial Limited are a Hedge Fund. A job of a Hedge Fund is to earn an active return for its investors. This is where a lot of the issues lie. Sisu being a Hedge Fund has a primary objective of making money rather than maybe having the clubs and its fans best interests at heart. However, Coventry City’s stadium troubles started before Sisu even got there and they were once Coventry’s saviours…
Coventry’s first plan for relocation was the build a state of the art 45,000 capacity stadium with a removable pitch and retractable roof. Making it one of the top stadiums in Europe and was actually due to be ready for the 2001/2002 season. However Coventry were relegated in that season, seriously affecting their finances, so there was a radical redesign.
As Coventry FC struggled more and more financially the project was handed over to the council who completed the build. Meaning Coventry now had to pay rent to play in the stadium, leaving them in a very vulnerable position.
In 2007 Coventry City FC were on the brink of administration. Enter Sisu to save the day. In December 2007 Sisu brought Coventry and saved them from a 10 point reduction and from administration. Interestingly, Sisu actually failed in a bid for Southampton earlier on that year. A lucky escape maybe? In a BBC interview retiring chairman Joe Elliott admitted he was delighted to welcome hedge fund Sisu Capital and Ranson to the club.
“This is a very exciting day in the long, proud history of Coventry City Football Club…I am sure that Ray Ranson and Sisu Capital will help drive Coventry City forward into a brand new era for the club. “
Many fans would now argue the era they have driven them to is one they would have rather avoided. But nevertheless, at the time, Sisu saved the club. At least in the short term.
The takeover does highlight other issues within football that need to be addressed. Increasingly clubs being relegated, struggling financially and then getting a takeover bid from groups/owners who have had no real vetting or background checks. Leaving a clubs fate to a flip of a coin.
In 2013 Coventry were struggling with the rent at the Ricoh and Sisu looked to renegotiate the terms. The failed initially leaving the club homeless for the first time. Sisu solution was to ground share with Northampton Town. Leaving the fans facing a 70-mile round trip and sparking huge protests.
In 2014 Sisu agreed a 2 year deal with the Ricoh to play and an option for a further 2-year extension. This was widely regarded as time for Sisu to deliver, as promised, a new stadium.
The bottom line with Sisu is they are a Hedge fund and it’s their job to make money. Not for the club, but for their investors.
In fact last year Sisu made a profit of £2.86million.
The search for profit is something that is poisoning our game not just Coventry City. And ultimately it’s the fans who pay the price. Unfortunately, more and more fans are becoming less important, its all about stocks and shares, broadcasting rights, money from abroad.
Clubs are forgetting where they are from. They are forgetting where they live. Forgetting the people at home. The fans.