Coventry City owner Joy Seppala has met with supporters, giving them updates on the Ricoh Arena and plans for a proposed new stadium, reports Coventry Live. The Sisu boss made the unprecedented move to speak to members of the fans’ forum, Sky Blues Talk during her visit to Coventry last week.
An update was also given about attempts to get back to Coventry and the Ricoh Arena – Ms Seppala insisting she was 'hopeful' of being back at the stadium next season – and on-going plans for a new stadium, for which six possible sites have been short-listed, as well as details of the size and style of the facility.
Coventry City chairman Rick Fisher has stated that a failure to return to the Ricoh may 'cast significant doubt' on the company’s ability to continue as a going concern.
The club has moved into profit a year on from posting a £2.5 million loss. Accounts, mostly taking in the year before the club moved to having its home games at St Andrew's in Birmingham, show a £69,916 pre-tax profit, which represents a major turnaround from 12 months before.
Parent company Otium Entertainment Group revealed turnover rose to £6.26 million in the year ended 31 May, 2019 - after the Sky Blues were promoted to League One. That was up by £289,658 from £5,972,414 in 2018.
Relations between Coventry City and Wasps have been strained. In 2018, the group had to pay out £400,000 to fight a legal battle over the sale of the Ricoh Arena with the parent companies of then tenants Coventry City. They spent £100,000 on the fight in 2019.
Wasps have developed a very sophisticated marketing operation in Coventry and the surrounding area, but are reliant on financial support from millionaire owner Derek Richardson. The last valuation of the Ricoh Arena reduced its value from £60m to £51m.
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