American multi-millionaire Preston Haskell IV has made his move to buy Coventry City Football Club and half the Ricoh Arena.

Suspended Sky Blues life president Joe Elliott and former vice chairman Gary Hoffman have made bids on behalf of the property tycoon ahead of tonight’s disclosure of the administrator’s findings.

The success of their move hinges on administrator Paul Appleton’s ruling on the location of the elusive golden share, the club’s licence to operate.

Haskell is banking on the share being held by Coventry City FC Limited, the business currently in administration, and he has made an offer to Appleton to purchase the club on that basis.

The takeover team has also tabled a bid for the Higgs Charity’s half of the Ricoh Arena, which will only go through if they get the football club, and say they are set to enter a period of due diligence.

“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,” revealed former City chairman Elliott who, along with Hoffman, is leading the takeover attempt with Haskell’s financial
backing.

“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 and we will shortly enter the due diligence phase.”

Preston Haksell IV
Preston Haksell IV

Due diligence would work both ways with Haskell having to provide proof of funds and his credentials while he would also want to look at the books of the Ricoh, although there are not expected to be any unwelcome surprises in the process which could take up to two weeks.

“There is no certainty we will be successful but we live in Sky Blue hope and will continue to work together to bring a successful conclusion,” added Elliott

“We will advise on progress as and when appropriate to do so, which will be in conjunction with the relevant parties.”

Elliott and Hoffman confirm that they have continued to work closely with Haskell – who was in Coventry all day on Tuesday for meetings – and his colleagues and that the businessman remains “extremely serious and committed” to pursuing the potential purchase of Coventry City and bringing much needed stability to the football club.

Elliott added: “We have met with the administrator and have agreed to keep our conversations confidential.

“Therefore, whilst we will be saying very little at the moment, this does not mean we are not tirelessly working towards a resolution.

“We spent nine hours with Preston in Coventry earlier this week and we have got a guy who is extremely serious and wants to do it.

“Preston is committed to do the deal if we are allowed to.

“The last thing we want to do is destabilise the club. Sisu owns it, so they think; they’re running it.

“But, the administrator is in charge of Limited and we believe the golden share is in it and therefore we are talking to the administrator.

“He’s acknowledged our offer and we will be interested to hear what he has to say in his findings.” Asked what happens if the administrator rules that the golden share is in CCFC (Holdings), Elliott said: “Let’s see what he says.”

As for a timescale, it’s clear that the Haskell camp wants to get the deal done as soon as possible in order to start planning for next season.

“There is a timescale on getting something sorted out in time to give the club time to prepare for the new season,” he said, “so as far as we are concerned, time is critical.

“The first thing we would do is get the club back at the Ricoh and get season tickets on sale. And if we can’t do that I hope Sisu can do that.

“In line with the Telegraph’s great campaign, my wife Grace and I have both signed the petition and we just want to see Coventry City playing at the Ricoh, whoever owns the club.”

Asked if there are concerns that Sisu, the owners of CCFC (Holdings), could enter a bidding war to buy CCFC Ltd, he said: “Sisu are the biggest creditor so we fully appreciate that Sisu could buy Limited.”

Elliott revealed that he and his colleagues are only dealing with the administrator and ACL at this moment in time, saying: “We are working in a way that we are only talking to the administrator and to ACL with reference to the Arena because as everyone knows the two need to be put together.

“Gary and I met the administrator last week and had a constructive meeting and we have had good meetings with ACL.

“It’s either going to be a make or break day or the administrator may say he needs to make further investigations.”

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