COVENTRY City has announced it intends to submit a £25million bid for the CBS Arena.
The bid would be subject to confirmatory due diligence, and the club said it has the necessary proof of funds available.
A statement released this morning said: “We will be represented in this morning’s court proceedings and would welcome clarity on the administration process.
“This is an opportunity for a new start for the Club, the city, and our fans. We must grasp it.”
The statement also claimed this bid was the ‘only one which can guarantee that the Sky Blues can continue to play home games in Coventry over the long term.’
Last night, the club announced owners SISU Capital Ltd had agreed to sell a majority stake in the football club to local businessman Doug King, subject to EFL approval.
Mr King would take an 85 per cent share of the club, and the deal will involve clearing its current debts.
Last nights announcement also confirmed the club would be making an equity bid to acquire the CBS Arena, adding the structure of any bid would ‘ensure the Sky Blues would remain initially debt free’.
Mr King is the CEO of Stratford-Upon-Avon based Yelo Enterprises and Co-founded and majority owns RCMA Capital LLP.
