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Coventry's second attempt at a CVA deal ended in stalemate today, with stadium owners ACL offering the club an ultimatum.
ACL told the meeting they were to begin High Court proceedings against Northampton over their deal allowing the Sky Blues to play at Sixfields, and demanded the club agree a new 10 year lease at the Ricoh Arena to get ACL's agreement on the CVA deal on offer.
ACL's offer appears surprisingly reasonable, with tiered pricing on each year depending on the League placing of the club that will see the Sky Blues would pay £150,000 rental at their current League One status. The sum would rise to £400,000 if they returned to the Championship, less than half the current terms, and there is even a further cut, to £100,000, if the club plunged into League Two.
However the whole offer from ACL hinges on club owners SISU pulling their moves to have a judicial review against the Council, who part-own the stadium company. For their part, ACL have refused to enter talks with SISU over a sale of ownership of the stadium.
The parties will reconvene on Friday, with the clock ticking ahead of Saturday's start to the Football League season.
