Hedge Fund Scores Deal For Soccer Team

Dec 14 2007 | 12:04pm ET

Hedge fund Sisu Capital has struck a deal to buy English soccer team Coventry City, and not a moment too soon.

Just a half-hour before today’s 4 p.m. deadline—after which the team would have gone into administration—the Sky Blues accepted Sisu’s offer, under which the hedge fund will assume the club’s £38 million (US$77.6 million) debt, which the London hedge fund will restructure, as well as injecting up to £20 million (US$40.9 million) in new resources.

“This is a very exciting day in the long, proud history of Coventry City Football Club and I am positive that will be reflected in the attendance for the game against Southampton,” outgoing Chairman Joe Elliott said. “I am sure that Ray Ranson and Sisu Capital will help drive Coventry City forward into a brand-new era for the club.”

The deal still requires the approval of 90% of Coventry City’s shareholders, but two major shareholders, who together own 71.4% of the club, have already accepted the offer.

Ironically, Sisu’s team will tomorrow face the other football team whose acquisition it sought: Southampton Football Club. The hedge fund’s £40 million (US$81.7 million) offer for Saints, however, went nowhere, and the club is expected exit its “under offer” period.


In Depth

Kettera Q&A: The Advantages of Alternative Investment Platforms

Oct 28 2016 | 5:52pm ET

The past several years have seen a distinct push towards easier and cheaper access...

Lifestyle

Midtown's Plaza District Fades As Manhattan Office Landscape Shifts

Nov 22 2016 | 6:32pm ET

Lower leasing costs, more efficient office space and the hope of projecting an image...

Guest Contributor

Nowhere to Hide: Why the Future of Asset Management Depends on Innovation

Nov 15 2016 | 6:55pm ET

Information technology has reshaped the asset management industry’s periphery,...

 

From the current issue of

Chicago-based independent futures brokerage and clearing firm R.J. O’Brien & Associates (RJO) has hired industry veteran Daniel Staniford as Executive Director, responsible for the firm’s institutional business development in New York and London.

AVAILABLE NOW at BARNES & NOBLE

NEWSTAND LOCATOR