You on drugs or something?.... £60m in debt!!! Get a grip ffs!
On 6 October 2007, Paul Fletcher tendered his resignation in the wake of numerous takeover bids being priced out of the market, leaving both Operation Premiership and the long-term financial future of the club up in the air. Then, on 10 October 2007, Geoffrey Robinson resigned as Chairman of Coventry City Football club, stating that he wished to devote his time to pursuing his Parliamentary career. Joe Elliott promptly took over as Chairman on the same day, with rumours rife that the club was close to being called-in by administrators whilst burdened with
estimated debts of £38 million. In response to takeover talks, the club confirmed that two consortia, one led by former Chairman
Geoffrey Robinson and the other led by former footballer
Ray Ranson, had offered takeover bids for the club. Nonetheless, the club filed for administration with a 14 December 2007 deadline to avoid administration by closing a takeover deal.