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Liverpool professionals advise on Coventry City takeover
18/12/2007

Liverpool-based lawyers Brabners Chaffe Street have advised Coventry City on a last-minute takeover deal which saved the football club from administration.

SISU Capital and former footballer Ray Ranson acquired the Coca Cola Championship club in an 11th hour deal.

The club completed the deal on Friday afternoon only minutes before a deadline, which would have seen the Sky Blues face administration and a 10-point deduction in the league.

The deal is still subject to 90% of the shareholders accepting the offer, however, major shareholders Craigavon - the family trust of Geoffrey Robinson - and Sir Derek Higgs, representing 71.5% of the shares, have agreed to the offer.

The deal was originated by Corporate Financier John Fowler, of Brabners Chaffe Street , who also acted as lead advisor to the Sisu consortium. Mike Blood, partner in the corporate law team and the Brabners Chaffe Street sports law team also advised on the deal.

Mark Bringloe, of BDO in Manchester, provided the financial due diligence.

Mr Fowler said: `This was a very complicated and high profile transaction involving many disparate parties. It nearly fell over many times and it went right down to the wire.

`The end result was what everyone wanted, a solvent solution for Coventry City FC. I wish Ray and SISU good luck in driving the club forward."

Mr Ranson said: "It has been nerve wracking but we got there in the end. This is a Premiership Club and that is why I am here. SISU and myself are in it for the long term."

The existing board is set to resign from the club and Ranson, who previously played for Manchester City, Birmingham City, Newcastle United and Reading, will take over as chairman.

In addition to the takeover offer Sisu has promised to inject £20m restructure the club and to support development .


For further information contact John Fowler at Brabners Chaffe Street on 0151 600 3119

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