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Hoffman takeover discussed by board
Published : 23 Aug 2011 09:03:39Rss feed
Directors hold conference call board meeting In wake of the news that former Coventry City vice chairman Gary Hoffman was tabling a formal takeover bid for the club, the board of directors held a conference call board meeting last night to discuss the development. Covsupport News Service understands that Mr Hoffman and his backers sent the formal offer to the club by e-mail yesterday afternoon and have sent by registered post a written offer, on headed notepaper to the club. The written offer should be received by the club this morning. A previous offer for the club by the Hoffman led consortium was rejected out of hand by the club board and by owners Sisu as the offer was not made on headed notepaper. It is now up to the board of Coventry City to decide on what further action to take and that was discussed at last night's telephone conference call board meeting, attended by chairman Ken Dulieu, vice-chairman John Clarke, Leonard Brody, chief executive Paul Clouting and Sisu's representative on the board Onye Igwe. The offer is expected to be much the same as the previous one to buy the club for £1 and take on the debts and obligations that Sisu currently have at the club. The offer is also thought include an offer to pay Sisu more money should the consortium manage to win promotion within a set time frame. Mr Hoffman does not expect to receive a quick response, nor has he set a time limit, but for the good of the club, he does hope that a quick and satisfactory conclusion can be reached for the benefit of the club. The offer has to go through the process of due diligence should the board accept the offer. In addition to taking responsibility for the club's debt. Mr Hoffman and his investors are prepared to pump in about £30m which would include £10m for Andy Thorn to use on new players and a similar amount to help fund the club's option to buy part of The Ricoh Arena. Since the last bid by Mr Hoffman there have been widespread protests over Sisu's continued ownership of the club including telephone calls to their London head office and protest banners and songs at the home game with Watford last Saturday, so there can be absolutely no doubt in Sisu's mind that they are no longer wanted at the club. If the club is to survive in the Championship this season they desperately need to fund several new players, especially a striker who can score goals and with the transfer window set to close on August 31st, there is not too much time left.
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