The Charity made both a social and financial investment in 2003 when it bought CCFC’s shares in the Arena Company Ltd (ACL) to replace them as partner with the Council in developing the Arena at a time when CCFC was unable to maintain its financial commitment to the project, the club was facing administration and the development of the Arena was in danger.
The Charity paid a total of £6.5m to CCFC. This major regeneration project fitted the Trustees’ policy of using its funds to create significant step change in Coventry to increase employment, to enhance skills, to encourage inward investment and to raise the national and regional profile of the city. The Charity’s intervention ensured the future of the Arena project and thereby the development of a major national events venue for Coventry and a home for the Sky Blues. There was an expectation by all parties that the football club would repurchase the 50% share of ACL from the Charity when it was able, and an Option Agreement between the Trustees and CCFC was made including a formula for calculating purchase price