League One newcomers Coventry City have been given the green light to start signing players for the 2012-13 season, after their transfer embargo was lifted today. The Sky Blues, who are Yeovil Town's first League One opponents on Saturday 18th August, have been under a transfer embargo since the start of March 2012 after they failed to file their Company Accounts to Companies House.
They have now confirmed that those accounts have been filed, and say that they've received confirmation from the Football League that they are able to sign players. Chief Executive Tim Fisher has told their club's website that their manager Andy Thorn is now free to sign players:
"In short, the lifting of the embargo means that the club can start to move forward with plans we have for the new season. Everyone has recognised that to move forward, we need to start trading again. Lifting the embargo will provide a big boost for everyone at the club. Andy Thorn and Steve Waggott can now push on with implementing the squad plans they have worked so hard to put together in readiness for this decision."
The bit missing from Coventry's statement is whether the accounts have been filed as the lesser of two evils, or whether they have resolved the underlying reasons for the filing of the accounts being delayed. Coventry's owners Sisu have been trying to renegotiate their rent payments on the Ricoh Arena by a variety of means, including a recent attempt to purchase shares in the separate stadium company, but so far that has not been drawn to a conclusion - something that was reported as preventing the former Championship side from providing the Football League with their budget projections for the 2012-13 season.
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