Coventry City owners Sisu 'cannot appeal against ruling'
Coventry City's owners have been refused permission to appeal against a High Court ruling that a city council loan was lawful.
Sisu had claimed the council's £14m loan to Arena Coventry Limited (ACL), the previous operator of the Ricoh, was an illicit use of public funds.
But the Court of Appeal said there was not a good legal reason to challenge the original judgement.
Sisu said it would apply for another hearing in a bid to continue the fight.
In July, Mr Justice Hickinbottom found Sisu had, from April 2012, refused to pay rent "deliberately to distress ACL's financial position, with a view to driving down the value of ACL and thus the price of a share in it."
Coventry City Council gave ACL, at the time jointly owned by the authority and a charitable trust, the loan so it could pay off debts.
A Coventry City Council spokesman said: "We have always been confident we had a strong case and we're pleased the application, from Sisu-related companies for leave to appeal against Mr Justice Hickinbottom's High Court judgement, has been refused."
Premiership rugby team Wasps took over ACL last November.