Source: FOOTYMAD
Hoffman forming consortium in City takeover bid.
Former vice chairman in attempt to buy Coventry City Gary Hoffman, the Coventry born businessman who resigned as vice chairman of Coventry City Football Club in protest at the way the club was being run, is in the process of forming a consortium to take over the ailing club. The 50 year old Hoffman has been a lifelong City fan and is convinced he can make the club into an attractive investment opportunity and turn their fortunes around. Mr Hoffman is working hard using his contacts in the banking world to attract potential investors. In an interview with the Coventry Telegraph Mr Hoffman, who has kept silent since his departure from the board last month, said, “We have got to move forward and we must all now work to bring in investors that are capable of moving the club forward and capable of buying the stadium and yes, I am already talking to investors and got some irons in the fire on that." "I had one conversation with investors yesterday and I am seeing more today so I have got some good momentum.” There have been rumours recently suggesting that their are two rivals trying to raise capital in order to take over the club, the one headed by Mr Hoffman and another fronted by Ray Ranson who yesterday announced his resignation as Coventry City chairman. The club have failed to file their accounts by the end of February deadline and the club are thought to owe local suppliers a lot of money and partly as a result, the club are now under a Football League transfer embargo. One of the major problems in attracting investors is that Coventry City do not own their stadium, or much property at all., but despite this, Hoffman still believes that the club would make a sound investment if it could be run properly and will sufficient backing. Hoffman said, “I am very confident that there is a good proposition for someone that owns one of the best stadiums in the country and a football club with great potential, and investors are interested in that opportunity, both in the UK and abroad, but it is not easy to pull off.” Yesterday it emerged that a Swedish investor may be interested in making a bid for Coventry City.
