City under transfer embargo as financial crisis deepens

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City under transfer embargo as financial crisis deepens

Postby dutchman » Fri Mar 25, 2011 4:44 pm

Coventry City were a club in crisis last night after it emerged they are under a Football League transfer embargo that has stopped them signing players.

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The club’s alarming financial problems were underlined when a spokesman admitted they are subject to a Football League transfer embargo that prevented them from signing loan players to reinforce their injury-ravaged squad.

But there was one glimmer of good news for long-suffering Sky Blue supporters as Cardiff City’s audacious bid to snap up key striker Marlon King was rejected so he will now be available to lead the attack against Watford on Saturday week having completed his four-match suspension.

The revelation about the transfer embargo explains why City are the only Championship club who have not got a single loan player on their books – in dramatic contrast to the likes of Cardiff, Leicester and Norwich who are spurring their promotion drives with a string of Premier League assets.

Neither the club or the Football League would reveal why the embargo was imposed but the usual reasons are that the club either isn’t paying its bills or has tax debts.

A new rule that came into force last summer means that a transfer embargo will apply to clubs that fail to lodge their accounts with the League at the same time they are required by Companies House.

And Companies House records reveal that Sky Blue Sports and Leisure Limited – the club’s holding company – and Coventry City Football Club Limited’s accounts are both overdue, having been due almost a month ago on February 28.

A club spokesman confirmed: “There is a transfer embargo in place at the moment but Coventry City is not alone in that situation in football.

“Sisu have been committed to the funding of the club for nearly three-and-a-half years and there is no suggestion that this will not continue in the future.”

Meanwhile, the Coventry Telegraph understands that a number of companies are owed money by the club – including their official coach firm Harry Shaw.

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