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Coventry denies administration claims

Coventry managing director Paul Fletcher has vehemently refuted claims the club face the threat of administration due to a breakdown in talks with potential investors Manhattan Sports Capital Partners.

In February the American consortium - the bid vehicle for investors Sean McDevitt and Philip Harris, along with US-based English investment advisor Roger Marment - agreed in principle a deal to takeover the Sky Blues.

The talks were being spearheaded by business consultant and lifelong City fan Gary Hopkins.

Since then, news of how negotiations are progressing has been kept under wraps, prompting speculation the deal had broken down and that the loss of investment could force the Championship leaders into administration.

Coventry are £28million in debt and have no tangible assets because they are tenants at their Ricoh Arena home.

Fletcher is adamant the Sky Blues remain on a sound financial footing and that the club are still 'heavily involved' in takeover talks with the Manhattan group.

He said: "I cannot see any situation where the football club will go into administration. Talks with the Manhattan consortium are still under way and they remain ongoing.

"The club have also issued statements outlining interest from other groups so I do not know where these kind of stories originate."

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Tribal Football Staff

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