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.
