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Sky Blues deal collapses
08 Oct 2007 - 10:17:41
Coventry City have confirmed that an American consortium that had previously agreed a deal in principle to purchase the club has now withdrawn its interest.
The Sky Blues claim that talks are still ongoing with "a number of parties" but managing director Paul Fletcher decided to resign on Saturday following the breakdown of the deal with Manhattan Sports Capital Partners Limited which stretched back to the beginning of the year.
Director Joe Elliott claimed the consortium's U-turn was 'due to the current problems with the interest rate in the United States, as well as the dollar's fluctuating price against the pound'.
Towards the end of last season the deal had been rumoured to have hit the buffers with speculation also suggesting manager Iain Dowie could quit the Ricoh Arena due to a lack of funding.
Elliott added: "We thank Manhattan for their work with Coventry City and everyone at the club is very sad that the deal will not be going ahead, after all parties have worked so hard to complete it for the last eight months.
"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.
"We are fully committed to finding investment for this great football club.
"There will inevitably to ups and downs along the way, as with all business transactions, but it is essential that everyone associated with Coventry City remains positive and pulls together in this battle."