Coventry City Football Club say they will appeal the judge's ruling that the council's decision to provide a £14.4 million loan of taxpayers money to the owners of the Ricoh Arena was not irrational.
The Club's owners claimed the loan from Coventry City Council amounted to unlawful state aid and they shouldn't have agreed the deal.
The football club and its owners believe that the loan, which exceeded the value of the stadium by almost 200%, was neither lawful nor in the interests of the supporters, taxpayers, stadium operators or the Club.
ACL will now remain burdened with debt for the next 43 years, removing any prospect of a long term return to the stadium by the Club. With this level of debt there is no realistic prospect of any sports franchise or ACL being able to generate sufficient revenue to be commercially viable.
We will apply for leave to appeal this decision."
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