A firm controlled by a City council has made a bid to buy a football club, currently in administration and with arrears of over ?15 million, the BBC reports.
Coventry City FC has been made an offer to play rent-free at the Ricoh Arena by its stadium?s owner, Arena Coventry Limited (ACL), which is part owned by Coventry City Council.
Any agreement made between ACL and the former Premier League side would be ?free of any rental fee?, according to a statement made by the firm.
This reportedly includes ignoring ?1.3 million worth of rent still unpaid by the club to the owners of its stadium, the Ricoh Arena.
Coventry City Football Club (CCFC) Ltd, the firm controlling the League One side which is currently in administration, is the subject of bids from six potential buyers, including ACL and American property tycoon, Preston Haskell IV.
It is still unclear whether ACL?s bid ? or any others ? will be accepted by the Club?s administrator, Paul Appleton, once Thursday?s deadline has passed or whether the club will escape administration.
Any successful bid, however, will aim to take control of all of CCFC?s assets, including the Football League?s ?golden share?, which grants the club a license to play in the league.
Any successful bidder would also have to hold discussions with Sisu ? the club?s former owners ? and Coventry FC?s Holdings company, which owns the players? contracts.
Tim Fisher, Chief Executive of Coventry City FC Holdings (Ltd), maintains that ?the club is not for sale.?
In January, Coventry?s City Councillors agreed in private to use ?14 million of taxpayer ?cash balances? to bail out the Ricoh company?s mortgage, with ACL under financial pressure from lost football-related sponsorship and the club?s refusal to pay rent.
The council and ACL have been locked in a legal battle and financial dispute with Sisu over stadium rent, ownership and revenues.
Coventry City Football Club Holdings (Limited) ? owned by Sisu ? has continued to operate the club throughout its administration and has threatened to build a new stadium within three years, taking the club out of Coventry in the meantime, lest a suitable bidder be found.
According to the title, ACL?s statement read: "We have today notified the Football League of a proposed solution for the coming season to enable the football club to fulfil its commitments under Football League regulations, and to provide stability whilst Coventry City Football Club Limited, which owns the League Share, remains in administration.
"All charges incurred on matchday as a consequence of staging a match will be passed through at cost.?
It went on to say: "Whilst these sums may vary depending on attendances, it should be noted that policing, stewarding and pitch maintenance have historically been directly managed and paid for by the club.
"Given ACL wishes to ensure it provides the best playing surface possible, it will now take direct responsibility for future management and maintenance of the pitch.?
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