Coventry hope for takeover inside month

Coventry's managing director Paul Fletcher is hopeful that the proposed takeover of the club could be completed before the end of the month.

City chiefs have called an Extraordinary General Meeting and have asked shareholders to vote in favour of the Sky Blues transferring their option to buy back 50 per cent ownership of the Ricoh Arena to acting chairman Geoffrey Robinson as security for personal loans he has made to the club.

It was in February that Manhattan Sports Capital Partners, the bid vehicle for American investors Sean McDevitt and Philip Harris, along with US-based English investment advisor Roger Marment, agreed in principle a deal to buy the club and take on their estimated debts of £28million.

News of how negotiations are progressing has been kept under wraps by the club as the takeover enters its most confidential stage but Fletcher remains optimistic that a conclusion will be reached in the coming weeks.

He said: "There is still a long way to go but this is where we expected to be at this stage of the negotiations.

"June was always around the time that we were hoping to make a serious announcement and we are hopeful that they will confirm an offer by the end of the month or soon after.

"We are hoping that things will come to a conclusion in the next few weeks but when you are dealing with a number of parties it becomes a very complicated process and it takes time.

"It is not just Coventry City Football Club, there are three other components to the negotiations in Arena Coventry Limited, Coventry City Council and the Alan Edward Higgs Charity. There is a lot of confidential information and a lot of money involved.

"But things are progressing nicely and I believe we are dealing with honest people who will try to conclude things as quickly as possible."