American multi-millionaire Preston Haskell IV has tabled a bid to buy League One Coventry as well as half the Ricoh Arena.
Former City vice-chairman Gary Hoffman and suspended life president Joe Elliott are at the forefront of the consortium.
Elliott told the Coventry Telegraph: "We can confirm that we have now tabled an offer for Coventry City Football Club Limited (in administration) which assumes the Football League's 'golden share' is in that company.
"Everyone knows that the stadium and the football club need to be brought closer together. Therefore, we are also pleased to confirm that an offer has been made to acquire 50 per cent of Arena Coventry Limited (who manage the Ricoh Arena) and we will shortly enter the due diligence phase."
As it currently stands, the future of Coventry's home games remains up in the air.