CET Hoffmans OFFICIAL Bid. (4 Viewers)
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FORMER vice-chairman and life-long Sky Blues fan Gary Hoffman has tabled an official bid to take over Coventry City.
The high-flying banker has found potential investors willing to pump millions into the club to buy back an interest in the Ricoh Arena and build a promotion-winning team.
The 50-year-old submitted two bids * the first takeover attempt was rejected but he has gone back in with a second offer and is now awaiting a response from current owners Sisu and the board.
Hoffman insists he was reluctantly forced to reveal his hand after former director Joe Elliott * widely known as Mr Coventry City * stepped aside from his Life President status.
Sources close to Sisu say this was prompted because Elliott had been helping Hoffman bring new investors in.
Speaking exclusively to the Telegraph, Hoffman said: "On the back of the news about Joe Elliott's position, I can confirm that on behalf of some serious investors, I have been in discussion with Coventry City chairman Ken Dulieu and, through him, the football club board about proposals to invest significant sums in the club. "I was hoping that at this stage that these discussions would remain confidential but this ridiculous decision to relieve Joe of his responsibilities as Life President means that I have to confirm that those discussions are under way.
"A verbal proposal was originally made and turned down, and a more formal proposal has been tabled but that's all I am prepared to say at this stage."
Hoffman quit the board in March over concerns about the way the club was being run and immediately set about courting major new investors.
He went on record at that time to say that he would not bring investors forward unless they were capable of buying an appropriate interest in the stadium.
Sisu have shelled out in excess of £30 million in three-and-a-half years but the club continues to lose in the region of half a million pounds a month so a takeover bid would give them the opportu nity to cut their losses. Only last week, the Telegraph revealed that the £5 million Sisu provided in March to see City through to the end of the season was, in fact, the money raised from selling Ray Ranson's former business Prozone.
Ken Dulieu: "Gary Hoffman has made his position perfectly plain and we have expected him to make a formal bid.
"At present no such bid has been forthcoming, and we hope that any bid would be tabled directly to the club and not through the media or third parties.
"The club is not for sale but any bid that is received will be considered carefully by the board alongside any other investment opportunities made in the best interests of the club.
"The club has and continues to be involved in talks with serious potential investors and this sort of prolonged uncertainty does not help the club especially with the new season just weeks away."
The high-flying banker has found potential investors willing to pump millions into the club to buy back an interest in the Ricoh Arena and build a promotion-winning team.
The 50-year-old submitted two bids * the first takeover attempt was rejected but he has gone back in with a second offer and is now awaiting a response from current owners Sisu and the board.
Hoffman insists he was reluctantly forced to reveal his hand after former director Joe Elliott * widely known as Mr Coventry City * stepped aside from his Life President status.
Sources close to Sisu say this was prompted because Elliott had been helping Hoffman bring new investors in.
Speaking exclusively to the Telegraph, Hoffman said: "On the back of the news about Joe Elliott's position, I can confirm that on behalf of some serious investors, I have been in discussion with Coventry City chairman Ken Dulieu and, through him, the football club board about proposals to invest significant sums in the club. "I was hoping that at this stage that these discussions would remain confidential but this ridiculous decision to relieve Joe of his responsibilities as Life President means that I have to confirm that those discussions are under way.
"A verbal proposal was originally made and turned down, and a more formal proposal has been tabled but that's all I am prepared to say at this stage."
Hoffman quit the board in March over concerns about the way the club was being run and immediately set about courting major new investors.
He went on record at that time to say that he would not bring investors forward unless they were capable of buying an appropriate interest in the stadium.
Sisu have shelled out in excess of £30 million in three-and-a-half years but the club continues to lose in the region of half a million pounds a month so a takeover bid would give them the opportu nity to cut their losses. Only last week, the Telegraph revealed that the £5 million Sisu provided in March to see City through to the end of the season was, in fact, the money raised from selling Ray Ranson's former business Prozone.
Ken Dulieu: "Gary Hoffman has made his position perfectly plain and we have expected him to make a formal bid.
"At present no such bid has been forthcoming, and we hope that any bid would be tabled directly to the club and not through the media or third parties.
"The club is not for sale but any bid that is received will be considered carefully by the board alongside any other investment opportunities made in the best interests of the club.
"The club has and continues to be involved in talks with serious potential investors and this sort of prolonged uncertainty does not help the club especially with the new season just weeks away."
Lord_Nampil
Well-Known Member
If it fails which I think it will why not work together? At the end of the day it's CCFC that's the important part of this not the Hoff or SISU! Also this dose not help Andy at all!
BurbageSkyBlues
New Member
I think Andy Thorn is living with uncertainty already, this episode may be a necessary addition in the short term, for longer term stability at the club.
He hasn't been out buying players, which suggests he has nil funds from sisu. If their recent investment was actually RR' s money, it seems to suggest that it was merely an effort to avoid admin and the subsequent complete loss of their '£30M'........ and nothing more than an effort to buy time to find an investor in , or purchaser of, the club.
It looks like they want out, rather than make risky investments.
Come on The Hoff!!!!!
He hasn't been out buying players, which suggests he has nil funds from sisu. If their recent investment was actually RR' s money, it seems to suggest that it was merely an effort to avoid admin and the subsequent complete loss of their '£30M'........ and nothing more than an effort to buy time to find an investor in , or purchaser of, the club.
It looks like they want out, rather than make risky investments.
Come on The Hoff!!!!!
skyblue_rich
New Member
Heard yesterday ranson and Hoffman were holding talks at ricoh last week with sisu and the council about buying the club and half the ground. It says that they must be confident about the bid for the club since they r already in talks about the ground
ScottShearerFanClub
New Member
Shouldnt everyone be buzzing? This is great news from where im standing
matesx
Well-Known Member
" Shouldnt everyone be buzzing? This is great news from where im standing "
why is it? nothing whatsoever has happened as yet, apart from duddery Joe moving aside
Joe Dhinsa anyone?
yes its an interesting development but forgive me for not getting over excited over a Telegraph headline
caution my friends
why is it? nothing whatsoever has happened as yet, apart from duddery Joe moving aside
Joe Dhinsa anyone?
yes its an interesting development but forgive me for not getting over excited over a Telegraph headline
caution my friends
stevo_ccfc
New Member
According to CWR there has been no formal bid from hoff so I doubt anything is going to happen soon
Marty
Well-Known Member
They couldn't work together 6 months ago so whats changed?? I think that it will be an all or nothing deal from Ranson/Hoffman. Personally i'm not bothered who is in charge as long as they make the right decisions and secure the financial future of the club.
Ernie Machin
New Member
SISU are very much the occupiers here, they will look an for exit strategy. I'm keeping an open mind on this, quiet optimism with extreme caution (It is the Telegraph).
Colonel Mustard
New Member
I wouldn't mind Ranson back myself. He seemed to be one of the more progressive chairmen out there.
covcity4life
Well-Known Member
believe it when i see
Sky Blue Sheepy
New Member
Nice to have some good news for a change... So I'm going to choose to believe it *head in sand*
CovScott88
New Member
It's good to have some potentially positive news for a change, but I won't be getting my hopes up until everything is confirmed.
It certainly is a little ray of sunshine in the dark, dreary sky that is Coventry City.
It certainly is a little ray of sunshine in the dark, dreary sky that is Coventry City.
Ernie Machin
New Member
Which is just a bargaining tactic. You get a better price if you aren't willing to sell, or at least you say you aren't willing. Brody is a (good) PR man, the truth is not something he's that concerned with.
Skybluescotland
New Member
I can confirm that this is all true as i have direct contact with one of the people involved.
Sissu are running the club on a nickle and dime bases.
The news has broke due to JE being removed from his post. He was kicked off the board by the new people that Sissu threw in and treat CCFC like a train set.
Very difficult times ahead!
Sissu are running the club on a nickle and dime bases.
The news has broke due to JE being removed from his post. He was kicked off the board by the new people that Sissu threw in and treat CCFC like a train set.
Very difficult times ahead!
AlexJohnson93
New Member
Finally some good news. It may not come to fruition, but can you guys at least let me enjoy this for now!
IrishSkyBlue
Facebook User
We need funds if this bid is real and were backed with spending power for thorn then im all for it, why is this club always left in limbo tho us the fans get treated very poorly on this matter its not fair.
I'm just worried that new owners will mean yet another change in manager. It seems we finally have a manager who wants to entertain us, I'm very wary about the style of manager Ranson (should he be involved in this) goes for. Under Coleman the football was the worst I've witnessed and under Boothroyd it weren't much better. So although i would like to see a takeover I truly hope the new owners stick with Thorn
Moff
Well-Known Member
I know I should wait until things progress but this is some positive news, and a light at the end of a long tunnell that we have been waiting for.
Before anyone say it, I do realise that a bid means nothing, and that a takeover may never happen, they might not buy the club, sisu wont sell etc, but i think this will be the start of change.
The erason for this is that the club cany function in its current state and that something has to give, either in the form of administartion or a takeover.
Frankly we are flat broke and without investment will struggle to sign new players of any quality (or any at all) for the coming season. If this is the case the financial outlook is meltdown as the team struggle, attendances drop, and losses grow.
Why would SISU want this? they have no assets at the club, and as such are only facing the prospect of further losses. So as a profit making venture regardless of what they keep saying through these PR buffoons such as Brody, Clarke and that perma tan idiot chairman who doesnt even attend games ,Dulieu, that we are not for sale, we quite clearly are.
As this is the case I see this as good news!
Before anyone say it, I do realise that a bid means nothing, and that a takeover may never happen, they might not buy the club, sisu wont sell etc, but i think this will be the start of change.
The erason for this is that the club cany function in its current state and that something has to give, either in the form of administartion or a takeover.
Frankly we are flat broke and without investment will struggle to sign new players of any quality (or any at all) for the coming season. If this is the case the financial outlook is meltdown as the team struggle, attendances drop, and losses grow.
Why would SISU want this? they have no assets at the club, and as such are only facing the prospect of further losses. So as a profit making venture regardless of what they keep saying through these PR buffoons such as Brody, Clarke and that perma tan idiot chairman who doesnt even attend games ,Dulieu, that we are not for sale, we quite clearly are.
As this is the case I see this as good news!
Colonel Mustard
New Member
You'd have to bet on SISU selling up. They've shown little-to-zero risk since the global financial meltdown. And if they're at the point where they're remortgaging Ryton and selling up Prozone, then you'd have to think they'd be willing to cut their losses and take a nominal kickback.
ashbyjan
Well-Known Member
SISU have been talking about new investment etc for months now and nothing has occurred, they are slowly strangling the life out of the club running it on a very threadbare shoestring. Unless things change the club will continue to spiral ever downwards into relegation and financial ruin. Whilst Clarke Dullieu etc are pining their hopes on the spending cap bringing other clubs into line its not going to happen in time to save us. This proposed takeover by Hoffman is the only way that this club has any future. Obviously it may be another false dawn but, just like when Ranson originally took over with SISU, we don't have a huge list of alternatives and at least Hoffman is a life long Cov fan who resigned from the board on a matter of principal. Fingers crossed that it happens and happens quickly before we lose any more key players and maybe even have a chance to sign some. My only caveat would be that Thorn should at least be given a chance under any new regime - we have had too many changes and he deserves a good go.
Walking Bird
New Member
Maybe what I saw a few months back with Hoff, Elliott & the chinese looking fella is slowly coming to fruition. Heres hoping!
Sky_Blue_Daz
Well-Known Member
Well it need to be sorted one way or the other within the next 2 weeks. As Hoffman and Elliott are involved do they have to go through this Due Diligance stuff or or do they just take over
Marty
Well-Known Member
IIRC Ranson was the one who gave Thorn the chance originally, so can't see much change in the managerial staff.
oldskyblue58
CCFC Finance Director
If it is going to be done I hope it gets done quickly. If it delays then nothing/little will get done on the playing front and that could be a disaster, not to mention putting pressure on the finances because SISU wont bankroll the day to day expenses any more than they really have to
As for AT ........... I would be surprised if they changed him immediately if at all........ RR & GH know he has galvanised the team and that will earn him some credit with them. They also know that in Harrison he has a very able assistant.
I am very cautious about the news, as much as I want new owners capable of investing in the team, I dont want the club to just increase its debt to do so unless there is a sustainable plan to recover the position. Got to assume that GH (good financial track record ) has that in hand
The news is out but nothing has been done, agreed and signed - so like with much at CCFC will wait and see- believe it when it happens. But it is at least brighter news for a change!
As for AT ........... I would be surprised if they changed him immediately if at all........ RR & GH know he has galvanised the team and that will earn him some credit with them. They also know that in Harrison he has a very able assistant.
I am very cautious about the news, as much as I want new owners capable of investing in the team, I dont want the club to just increase its debt to do so unless there is a sustainable plan to recover the position. Got to assume that GH (good financial track record ) has that in hand
The news is out but nothing has been done, agreed and signed - so like with much at CCFC will wait and see- believe it when it happens. But it is at least brighter news for a change!
Ernie Machin
New Member
Ranson knows he'd be in trouble if he didn't give Thorn a chance. Getting ahead of ourselves, anyway.