- Tez Arne
- Elite Moderator
- Joined: 13 Nov 2005
- Posts: 10875
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 Posted: Wed Dec 12, 2007 9:21 pm |
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Greek billionaire Alki David has withdrawn his interest in buying Coventry City and claims that the club is "falling apart".
The film maker, with a reported fortune of £4bn, emerged on Monday as a late rival to the club's preferred bid from Ray Ranson's Sisu Capital group.
The film maker, with a reported fortune of £4bn, emerged on Monday as a late rival to the club's preferred bid from Ray Ranson's Sisu Capital group.
But on Tuesday, David said: "After looking through the finances and seeing the numbers, the club is falling apart.
"The debt does not tally. Good luck to whoever takes them on."
Coventry chairman Joe Elliott has told BBC Sport the club is on the brink of sealing a takeover deal with Ray Ranson.
"We are very, very close to completing the Sisu deal," said Elliot.
Elliot has distanced himself from David's interest and dismissed his claims that he had looked into the club's finances.
"I had a brief conversation with Mr David explaining what the situation with Sisu was and I haven't heard back from him since."
The board announced its intention to take the club into administration on 3 December in the hope it would bring the Sisu deal to completion before then.
The club, which has debts in the region of £38m, has been given until Thursday to prove its solvency or enter administration or incur a 10-point deduction.
If that were to happen, Coventry would drop into the bottom three of the Championship and possibly lose the services of manager Iain Dowie.
Elliot said the board were looking to have the deal done by the end of the week but would not be drawn into what that would mean for the club.
"We hope things will have come to a head by Friday. I'm not prepared to go any further than that," he added.
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Coventry really must be up the creek if Alki David has a fortune of £4bn and doesnt want to buy them. It looks as though they'll be getting a ten point deduction if the deal involving Ray Ranson doesnt go through.
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- YoBBo
- World Class
- Joined: 15 May 2007
- Posts: 5316
- Location: Cardiff. Supports: Super Tottenham
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| Posted: Wed Dec 12, 2007 9:43 pm |
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Would be a sad day if they did go into administration |
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- Tez Arne
- Elite Moderator
- Joined: 13 Nov 2005
- Posts: 10875
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| Posted: Thu Dec 13, 2007 6:27 pm |
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 More fortune for The Canaries. |
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- Tez Arne
- Elite Moderator
- Joined: 13 Nov 2005
- Posts: 10875
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| Posted: Fri Dec 14, 2007 9:15 pm |
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Hard luck Tangy
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Coventry City have been saved from entering administration and suffering a 10-point deduction after a takeover from Ray Ranson's group Sisu Capital.
The Sky Blues had until 1600 GMT on Friday to complete a deal and prove their solvency and they left it late.
"The successful conclusion of this transaction ensures our future is secure and the threat of administration is avoided," said a Coventry statement.
The takeover has allowed Ranson to become the Sky Blues' new chairman.
Ranson, who played for Manchester City and Birmingham City, has been linked with takeovers for Man City, Aston Villa and Southampton in the past.
Major shareholders Craigavon and Sir Derek Higgs - who own 71.4% of the club's shares - have agreed to the offer and the takeover is subject to the acceptance of 90% of all shareholders.
The offer will be forwarded to the remaining 28.6% of shareholders later on Friday.
Retiring chairman Joe Elliott admitted he was delighted to welcome hedge fund Sisu Capital and Ranson to the club.
"This is a very exciting day in the long, proud history of Coventry City Football Club and I am positive that will be reflected in the attendance for Saturday's game against Southampton," said Elliott.
"I am sure that Ray Ranson and Sisu Capital will help drive Coventry City forward into a brand new era for the club.
"I'd like to pay special thanks to Iain Dowie, his management team, the players and all of the staff at Coventry City who have loyally supported the club through such a difficult time."
Dowie - who had suggested he might leave Coventry should they go into administration - revealed his relief that the club's future was now more secure.
"This takeover can only benefit Coventry City Football Club and I look forward to sitting down with Ray and discussing the way forward," said Dowie.
"These are exciting times for everyone connected with the Sky Blues and I am delighted that the threat of administration - and all of the uncertainty surrounding it - has been lifted."
Sisu - who made an unsuccessful bid for Southampton last month - have told supporters that Coventry's reported £38m debt will be restructured to ensure ongoing financial and operational commitments are met.
Resources up to the value of £20m have also been promised, with Ranson named as Coventry's new chairman.
The existing Sky Blues board will resign from their positions ahead of new appointments being made.
"Both Sisu and Ray Ranson would like to take this opportunity to thank the existing board for the services they have provided to the club and their valued support during this acquisition process," read a statement.
Sisu have also signed a co-operation agreement with stadium owners ACL for the continued use of the Ricoh Arena.
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- Tez Arne
- Elite Moderator
- Joined: 13 Nov 2005
- Posts: 10875
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| Posted: Fri Dec 14, 2007 9:16 pm |
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Hard luck Tangy
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Coventry City have been saved from entering administration and suffering a 10-point deduction after a takeover from Ray Ranson's group Sisu Capital.
The Sky Blues had until 1600 GMT on Friday to complete a deal and prove their solvency and they left it late.
"The successful conclusion of this transaction ensures our future is secure and the threat of administration is avoided," said a Coventry statement.
The takeover has allowed Ranson to become the Sky Blues' new chairman.
Ranson, who played for Manchester City and Birmingham City, has been linked with takeovers for Man City, Aston Villa and Southampton in the past.
Major shareholders Craigavon and Sir Derek Higgs - who own 71.4% of the club's shares - have agreed to the offer and the takeover is subject to the acceptance of 90% of all shareholders.
The offer will be forwarded to the remaining 28.6% of shareholders later on Friday.
Retiring chairman Joe Elliott admitted he was delighted to welcome hedge fund Sisu Capital and Ranson to the club.
"This is a very exciting day in the long, proud history of Coventry City Football Club and I am positive that will be reflected in the attendance for Saturday's game against Southampton," said Elliott.
"I am sure that Ray Ranson and Sisu Capital will help drive Coventry City forward into a brand new era for the club.
"I'd like to pay special thanks to Iain Dowie, his management team, the players and all of the staff at Coventry City who have loyally supported the club through such a difficult time."
Dowie - who had suggested he might leave Coventry should they go into administration - revealed his relief that the club's future was now more secure.
"This takeover can only benefit Coventry City Football Club and I look forward to sitting down with Ray and discussing the way forward," said Dowie.
"These are exciting times for everyone connected with the Sky Blues and I am delighted that the threat of administration - and all of the uncertainty surrounding it - has been lifted."
Sisu - who made an unsuccessful bid for Southampton last month - have told supporters that Coventry's reported £38m debt will be restructured to ensure ongoing financial and operational commitments are met.
Resources up to the value of £20m have also been promised, with Ranson named as Coventry's new chairman.
The existing Sky Blues board will resign from their positions ahead of new appointments being made.
"Both Sisu and Ray Ranson would like to take this opportunity to thank the existing board for the services they have provided to the club and their valued support during this acquisition process," read a statement.
Sisu have also signed a co-operation agreement with stadium owners ACL for the continued use of the Ricoh Arena.
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