Coventry RFC Moving Forward

27th January 2010

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Coventry RFC

DRIVE FOR SHAREHOLDERS MAKES ‘ENCOURAGING’ START

Press Statement by Coventry RFC

Coventry Rugby Club’s new Board has received an “encouraging” start in their drive to attract shareholders to underpin the long-term future of the club. It is seeking private equity funding aimed attracting a total investment of £250,000, ensuring that the club will not be in the control of an individual.

A number of ordinary shares are available and Peter Rossborough, Chairman of the newly-formed Coventry Rugby Limited, said:

“We have had an encouraging start with a substantial amount of serious inquiries already received from individuals, groups and companies. A number of commitments have already been received.

“We know this will be a long process because we also need to win the hearts and minds of people following the fragile financial record of the club over the past few years. We need to convince potential investors that their money will be treated with the utmost propriety.

“We are determined that the club becomes a trusted institution run by a board which honours corporate governance. This is the only way forward for us and we are working hard in talking to people about our plans. We hope to be able to be able to announce more details shortly”.

An open forum has been arranged at Butts Park Arena on Monday, February 1 (6pm for 6.30 pm) when supporters will hear an outline of the board’s proposals and have an opportunity to quiz them.

Peter Rossborough added: “This is all part of our new policy of being absolutely open with our supporters. They deserve nothing less after the trauma they have gone through”.

Apart from maintaining the club’s status in the Championship, the board recognises that their priority must be to raise capital urgently to underpin the business.

Backing has already been pledged by businessman, Jon Bowles, who has invested an undisclosed sum to secure the club’s immediate future. Based on the south coast, Mr Bowles is interested in promoting the community side of the club as well as its future on the field.

In addition to establishing the trading arm, the club has set up a foundation, Coventry Rugby Foundation, which will hold the assets and set up the community side of the business, which is regarded as imperative for its future.
The new board comprises Peter Rossborough (Chairman), John Maguire, Andrew Carpenter, Jim Ashby, Chris Gregory, Nick Newbold, Mike Thomson and Bob Curtis, with Barry Robinson as director/company secretary and financial controller.

The playing side remains under the control of Director of Rugby, Phil Maynard and Operations Director, Michael Doyle looks after commercial operations. Both have guided the club through difficult times in recent months.

The Board of Coventry Rugby Limited aims to draw a line under the past and move forward with strength, unanimity and business acumen to secure the future of one of England’s greatest clubs.