Take oVer Talks Fails

[briggcov]

There is news about that the take over of Coventry By Manhatton Finance Group will now not happen no information as to why things did not work out has been given

This leaves Coventry with a real danger of going into administration....

[briggcov]

Coventry edge closer to takeover

Managing director Paul Fletcher has revealed that Coventry have received two firm offers to take over the club and a third is expected this week.
Last week he denied the Sky Blues faced administration because of a breakdown in talks with potential investors.

"There have been two firm offers made," said Fletcher.

"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."

Fletcher added that both bidders also wanted to make manager Iain Dowie and his staff part of the long-term future of the club.

[Beefy]

Do you know who the investors are B/C

[briggcov]

No! there giving nothing away as yet, hope to know more soon

[briggcov]

THe Manhattan Group have now formally withdrawn interest in buying Coventry City Football, the reasons given are more to do with the dollar status and and the on going money market situation in America.

Manhattan Group withdraw interest in Coventry City | Coventry City | News | Latest | Latest

See link for more details..

[briggcov]

US group ends Coventry interest

Coventry City have announced that American consortium Manhattan Sports Capital Partners Limited have withdrawn their interest in taking over the club.
The Sky Blues managing director Paul Fletcher resigned on Friday.

He told the Coventry Telegraph at the weekend that he had quit "because of the apparent withdrawal of all five potential buyers".

But the Championship club insist that buy-out talks are still progressing with a number of other parties.

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Club director Joe Elliott said the Manhattan group's withdrawal was "bitterly disappointing" - and blamed it on problems with interest rates in the United States, the fluctuating price of the US dollar against the pound, as well as the business interests of the group's potential principle investor Sheldon Yellen.

"Everyone at the club is very sad the deal will not be going ahead after all parties have worked so hard to complete it for the last eight months," he said.

"Unfortunately, it is the case with business that other factors often dictate deals and this is the situation here. Coventry City could not have worked harder for this investment to progress."

Fletcher recently rejected rumours that Coventry - who are reportedly £28m in debt and do not own their ground, but are tenants at the Ricoh Arena - faced administration

[briggcov]

Coventry City are expected to annouce new owners on Tuesday 30/10/2007 it is expect that the new owners will spend £30 million to buy the club and are also looking purchase the Richo.

Coventry would have gone into administration this Monday 29/20/2007 if the deal had not been struck. There is no news as to who the new owners will be.

There has been no offical annoucment yet but is greatly expected to preceed the Carling Cup match against West Ham this coming Tuesday night.