Some signs of progress Coventry City chairman Ken Dulieu yesterday admitted that the club had received Gary Hoffman's formal offer to take over the club. However in a statement he said, “We can confirm that the club has received a letter from Gary Hoffman’s associates." “The letter raises many questions and the board’s duty will be to seek further clarification, in particular regarding the transparency of investors’ identities and capability of funding.” One of the objections raised by the current board about Mr Hoffman's bid is the lack of transparency and a reluctance on their part to name their backers. Dulieu had insisted on knowing the names of those people who are prepared to invest in the Hoffman led consortium. However it is understood that yesterday's letter did contain the names of the principal backers who are ready and willing to invest around £30m and how they propose to distribute the money. It is also understood that the names given in the offer made by Mr Hoffman have been recognised by Mr Dulieu and the other board members as serious contenders, so some progress is being made.