Sky Blues have trio of potential buyers
WHILE Ipswich Town continue their search for investment, Saturday's opponents Coventry City appear to have three potential new owners to choose from.Managing director Paul Fletcher has revealed Coventry have received two firm offers to take over the club and that a third is expected this week.
By Derek Davis
WHILE Ipswich Town continue their search for investment, Saturday's opponents Coventry City appear to have three potential new owners to choose from.
Managing director Paul Fletcher has revealed Coventry have received two firm offers to take over the club and that a third is expected this week.
Fletcher, who last week denied the club faced the threat of administration due to a breakdown in talks with potential investors, believes he is making good progress in finding new money for the club.
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He said: “While I am not at liberty to discuss any specific names or financial matters, I can say that there have been two firm offers made.
“They are legitimate offers that are in the long-term interests of the club and we expect a third offer to come in over the next few days.”
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Fletcher added both bidders also wanted to make manager Iain Dowie and his staff part of the long-term future of the club.
In February, American consortium Manhattan Sports Capital Partners - the bid vehicle for investors Sean McDevitt and Philip Harris, along with US-based English investment advisor Roger Marment - agreed in principle a deal to buy the Sky Blues and take on their estimated debts of £28million.
The talks were being spearheaded by business consultant and lifelong City fan Gary Hopkins.
Since then, Coventry have revealed they have been in negotiations with three other parties about investment.
Ipswich were in talks about a possible takeover earlier this year but the bid broke down before a formal offer was made.
They have held talks with their major lenders and a third party about writing down the debt but while work continues in the background chairman David Sheepshanks recently said nothing further was imminent.