Coventry City owners reject “derisory” bids for relegated club

Coventry City’s owners have dismissed as “derisory” two bids they have received for the club from its former vice-chairman.

Gary Hoffman, who has ran Barclaycard and Northern Rock and is currently chief executive of insurers Hastings, has been linked with takeover bids for the football club since he left its board in 2011.

The latest attempts, the second of which was reportedly for £1.2m upfront rising to £12m in the unlikely event of Coventry City being promoted to the Premier League within seven years, have been rejected.

Coventry City has been relegated from League One and will play in the fourth tier of English football next season. The club also faces uncertainty because it is only a tenant at the city’s Ricoh Arena, which is owned by rugby union club Wasps.

In an open letter to fans, Coventry City’s owner Joy Seppala apologised to fans for “the dismal result of relegation”.

She quoted Martin Luther King Jr, writing “we must accept finite disappointment, but never lose infinite hope”.

Hoffman drew inspiration from elsewhere, quoting Jimmy Hill, “we will fight until the game is won”.