American multi-millionaire Preston Haskell IV has tabled a bid to buy Coventry as well as half the Ricoh Arena, according to local media reports.
The property tycoon made public his interest in the financially stricken club two months ago, with former City vice-chairman Gary Hoffman and suspended life president Joe Elliott at the forefront of the consortium.
The trio have been watching events unfold at Coventry and have made their move ahead of the anticipated announcement by Paul Appleton, who is the joint-administrator for Coventry City Football Club Limited, into his findings.
The Sky Blues, under hedge fund owners Sisu, placed the non-operating subsidiary of the club into administration in March, insisting it was business as usual as Coventry City Football Club (Holdings), which they claimed holds the crucial 'golden shares' which provide membership to the Football League and FA, operates as normal.
However, the Football League ruled the shares do in fact still lie with CCFC Ltd, hence the Midlands club's 10-point deduction which ended any hopes of securing a play-off place in League One.
The location of the magic shares remains disputed but Appleton, crucially, is expected to clear that up in the report.
Elliott told the Coventry Telegraph: "We can confirm that we have now tabled an offer for Coventry City Football Club Limited (in administration) which assumes the Football League's 'golden share' is in that company.
"Everyone knows that the stadium and the football club need to be brought closer together. Therefore, we are also pleased to confirm that an offer has been made to acquire 50 per cent of Arena Coventry Limited (who manage the Ricoh Arena) and we will shortly enter the due diligence phase."
As it currently stands, the future of Coventry's home games remains very much up in the air. Chief executive Tim Fisher claimed in a statement earlier this month that the club were looking for a new ground for next season having been "locked out" of the Ricoh Arena.
City remain at loggerheads with ACL, who manage the stadium on behalf of joint-owners the Alan Edward Higgs Charity and Coventry City Council, over unpaid rent stretching back more than 12 months.