Takeover bid rejected by Coventry City’s owners

Coventry City Football Club’s owner has rejected an “extremely low bid” from a consortium led by former chairman Gary Hoffman.

The Sky Blues have been owned by investment management company SISU Capital Ltd since 2007.

A statement from the consortium said an offer of more than £7m was rejected on Monday “without any discussion”, with Sisu responding that the bid had “little credibility”.

“For the avoidance of doubt, yet again this was an extremely low bid,” the investment management company added in a statement.

“It has little credibility and as usual provides no proof of funds nor confirmation of the investors/consortium members.”

The consortium told the Coventry Telegraph their bid was “a higher cash offer up front than the £7m turned down last time” and that a request to meet with Sisu chief executive Joy Seppala had been rejected.

The Sky Blues’ current rent deal at the Ricoh Arena with Premiership rugby club Wasps expires in the summer, and the English Football League has set a deadline of April 2 for Coventry to confirm where they will play next season.

Earlier this month, Sisu said it would end legal action over the sale of the Ricoh Arena if they get support to build a new home in the city.

Coventry first moved to the Ricoh Arena in 2005 after selling their former home at Highfield Road. They then returned to the Ricoh Arena in 2014 after just over a year ground-sharing 33 miles away with Northampton Town.

But they have been told by the EFL that they must play their home games within six miles of the city centre.

The legal case involving City’s owners Sisu is based on their claim that Coventry City Council undervalued the Ricoh Arena by £27m when the ground was sold to Wasps.