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[28 AUG 98] RUGBY NEWS
Little Left For Coventry Creditors

Creditors of cash-strapped Coventry Rugby Club will get only 10p-15p in the pound at most and it could be even less.

The Receiver John Kelly told a creditors' meeting that when all charges are met there will be only about 200,000 left to share out.

When it went into receivership the club had gross debts of 2.4 million but the sale of assets, including the Coundon Road ground, would reduce that figure by only 1 million.

The main creditors include the Inland Revenue (750,000), Bristol Rugby Club (38,000 from player transfers) and the former Coventry Rugby Club chairman Gerry Sugrue (30,000).

At an earlier meeting the Receiver told the members of the former club that an expert had been appointed to explore the possibility of gaining planning permission for Coundon Road to be used as a retail development.
 

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CWN / Sport / Rugby / News / 28 Aug 98

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