CET Hoffmans OFFICIAL Bid. (3 Viewers)

Is the front page... nedd to renew my membership when I can find my wallet to see what that's all about

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"A verbal proposal was originally made and turned down, and a more formal proposal has been tabled but that's all I am prepared to say at this stage."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."

Really hope it doesn't fail, I like the sound of "buy back an interest in the Ricoh Arena and build a promotion-winning team"