27th May, 2017

Coventry City takeover hopeful Gary Hoffman speaks after third offer rejected

Les Reid 17th May, 2017

FORMER Coventry City vice-chairman Gary Hoffman has spoken out after he says he had a THIRD bid for the club rejected.

It follows the rejection last month by Sky Blues’ ‘owners’ Sisu of two previous bids by an unknown ‘consortium’ headed by banker Mr Hoffman, which had also failed to provide proof of funds.

We revealed those bids – rejected as ‘derisory’ – had tabled £500,000 and £1.2million upfront respectively, with add-ons for future promotions and a cut of future revenues from the sale of current assets including players.

Mr Hoffman this morning sent us and other media the following statement..

“I feel an obligation to let Sky Blues fans know where we have got to.

“I can confirm that a revised bid was put in on Friday 5th May. It was rejected a week later with a one line reply.

“We don’t want to give all the details of the bid but can confirm it proposed upfront cash of more than SISU bought the club (equity and debt) for 9 years ago and was a substantial increase on the previously leaked offer.

“It also allowed SISU to retain ownership of the Ryton training ground. It was signed by several consortium members and offered to provide proof of funds.

“Following the rejection, members of the consortium have offered to meet with Joy Seppala to see if we can have constructive discussions to bridge the gap between her expectations and our offer.

“Several requests for meetings and phone calls have received no response.

“So, we just wanted to let fans know that we see no point in putting a further offer in when we have no idea as to what SISU will sell for.

“We thought we had made a significant and generous offer which would also have safeguarded a long term home for Coventry City in the City of Coventry.

“I love watching the Sky Blues but will not be renewing my box and season tickets unless and until we have been able to have a constructive dialogue.

“We are very happy to meet with Joy Seppala and her team at anytime to explore whether a deal can be done that is good for SISU and good for CCFC.”