Coventry City statement on Gary Hoffman takeover offer (1 Viewer)

The CableGuy · Aug 23, 2011

CHAIRMAN Ken Dulieu has confirmed Gary Hoffman's formal offer to buy Coventry City has been received - but says the board want "further clarification" on the proposal's backers.

The Sky Blues officially confirmed that they had received Hoffman's offer to buy the club in writing on Tuesday afternoon.

In a statement, Dulieu says Hoffman proposal has been put in writing to the club's board of directors.

However the city chairman adds that the written bid - which was received by the club around lunchtime on Tuesday - "raises many questions".

Dulieu said:"We can confirm that the club has received a letter from Gary Hoffman's associates.

"The letter raises many questions and the Board's duty will be to seek further clarification, in particular regarding the transparency of investors' identities and capability of funding."

http://www.coventrytelegraph.net/co...-takeover-offer-92746-29290509/#ixzz1VsPPg67x

Hibbert · Aug 23, 2011

It's clear Hoffman, show them who the fuck your investors are and they will sell up.

That's what it sounds like to me anyway.

covkid69 · Aug 23, 2011

The CableGuy said:
"The letter raises many questions and the Board's duty will be to seek further clarification, in particular regarding the transparency of investors' identities and capability of funding."

http://www.coventrytelegraph.net/co...-takeover-offer-92746-29290509/#ixzz1VsPPg67x

i'd be quite happy to see sisu's capability of funding seeing as we are so skint with hardly any players.

:blue::blue::blue:

Hibbert · Aug 23, 2011

Queue people saying ' Ohh but the chairman of the investor company was there' doesn't matter, he might not be the money man, he's just heading the consortium, like Niall Quinn at Sunderland and like Ranson with Sisu initially, the money didn't come from Ranson it was from Sisu, as head of the consortium it was Ransons job to run the club with their money.

Duielu and the Sisu board just want to see who's supplying the money, it shouldn't be that hard really to show them who is the money men behind the bid.

AFCCOVENTRY · Aug 23, 2011

Good stuff.

Hasn't been rejected which is a start.

This is the first stage of due diligence.

NOW Hoffman will reveal the investors and proof of funds. Hoffman is not stupid, this is getting 'formal' now.

skybluereeve · Aug 23, 2011

Why wont Hoffman do this? Or will he? Almond explain this to me

AFCCOVENTRY · Aug 23, 2011

We want SISU out....

and trust me.... it looks like SISU want out as well...

:wave:

ajsccfc · Aug 23, 2011

The biggest hope for me is that any kind of personal agenda Hoffman or his former colleagues have with each other is completely cast aside. Hoffman does everything they ask ideally (within reason obviously), and if he's the businessman he's painted to be this ought to be the case.

Spagbol · Aug 23, 2011

:blue::claping hands:.........Still some way to go I'm sure but at least it's a start. PUSB

AFCCOVENTRY · Aug 23, 2011

skybluereeve said:
Why wont Hoffman do this? Or will he? Almond explain this to me

He can now as the offer has been made formal and SISU look like they will now take this seriously. It is like a game of chess this. You can't reveal all your cards at this stage of a takeover.

To me I think SISU accept the offer in principal of Hoffman taking the debt away from them and the potential extra pay off if Coventry get promoted. They want to know who is involved and of course they need proof of funds.

You have to treat this like buying a house.

You go backwards and forwards with an offer on a house.

The seller accepts your offer.

Then you get the mortgage and through your solicitors show proof of funds.

Then the survey on the house.

Then a competition date if everything is in hand.

Now just like buying a house... you could get gazumped! :claping hands:

TheHellion · Aug 23, 2011

This is the start of what could be and probably will be a long period of negotiation. Hibbert, you sound spot on to me anyway. If Hoffman can provide evidence of his funds, and can show SISU his investors, then surely there is a good chance this deal could go through.

AFCCOVENTRY · Aug 23, 2011

On ccfc site http://www.ccfc.co.uk/page/NewsDetail/0,,10269~2429835,00.html?

sw88 · Aug 23, 2011

It is a start, but I cant see why SISU are still not happy. If the figures add up, why does it matter who is involved?? They are interested in a business deal (money), not who is going to take over OUR club.

I wish they would just accept whats on offer and Feck off!

Hoffmans a money man, hes a Cov lad. He is not going to want to make the club worse off than they are!

:blue: :blue::blue::blue:

skybluereeve · Aug 23, 2011

AFCCOVENTRY said:
He can now as the offer has been made formal and SISU look like they will now take this seriously. It is like a game of chess this. You can't reveal all your cards at this stage of a takeover.

To me I think SISU accept the offer in principal of Hoffman taking the debt away from them and the potential extra pay off if Coventry get promoted. They want to know who is involved and of course they need proof of funds.

You have to treat this like buying a house.

You go backwards and forwards with an offer on a house.

The seller accepts your offer.

Then you get the mortgage and through your solicitors show proof of funds.

Then the survey on the house.

Then a competition date if everything is in hand.

Now just like buying a house... you could get gazumped! :claping hands:[/QUO

Thanks buddy fingers crossed a

dick turpin · Aug 23, 2011

The money men maybe the same ones helping GH to
start up a New chain of Banks

People with Money

Lets hope so

DT

coundonskyblue · Aug 23, 2011

sw88 said:
It is a start, but I cant see why SISU are still not happy. If the figures add up, why does it matter who is involved?? They are interested in a business deal (money), not who is going to take over OUR club.

I wish they would just accept whats on offer and Feck off!

Hoffmans a money man, hes a Cov lad. He is not going to want to make the club worse off than they are!

:blue: :blue::blue::blue:

Sisu will want to make it sound like they are protecting the clubs future by ensuring Hoffman has enough money behind him to invest in the club.

The truth is Hoffman will have offered to pay off some of the Sisu debt & Sisu will want to make sure the people are real and will be able to pay them. As much as I hate Sisu I can't really blame them for just wanting to check its not a dud deal.

I think once Hoffman does this it will go through. Orange Ken normally makes childish statements regarding the takeover, this statement today actually sounds quite professional.

SkyBlueScottie · Aug 23, 2011

Yep I think there is a definite change of tone in this statement, like others have said this is where it all starts.

fellatio_Martinez · Aug 23, 2011

After the terrifying scenes at Sisu HQ is it any wonder he's changed his tone? :laugh:

SkyBlue_Bear83 · Aug 23, 2011

At least things are progressing now, lets hope for a quickish deal and not another month with no progress.

kg82 · Aug 23, 2011

AFCCOVENTRY said:
It is like a game of chess this. You can't reveal all your cards at this stage of a takeover.

What sort of chess have you been playing?!

Although I think this statement is really promising. Asking for clarification of where the funds are coming from is probably the most sensible bit of business they've shown since being here!

Paxman II · Aug 23, 2011

i said this in another post perhaps a week ago...

"show me the money"

It's simple really. If Hoffman can show the money to cover his bid then what business is it of SISU's charges to ask about who is providing it?
Frankly it just means the offer is 'subject to' and therefore SISU will want to know who the other players with the money are as they will be made to wait for some of it I predict in any offer that has been made. I think I would want to know the same in that situation.

Still if that is one of the clauses in a proposed offer then it should have been expected Hoffman would have to explain and prove who the faceless people are to earn both the trust and confidence of SISU.
If it was not part of the offer to 'pay later' some of what they will pay to SISU then it would be a different story.

If I was buying a business with all the money up front then I would not expect that business owner to ask me where I was getting the money from so long as I had it. However if I was asking that business to be partially paid and hold a note for the rest then I would fully expect them to ask where I was getting the money from.

At least we are all in the loop through the statements in the media as neither side can afford to damage the support any further...

IrishSkyBlue · Aug 23, 2011

Hopefully its done before jn transfer window and by the help of god were not too far off the play offs make some signings and up we go lol

Otis · Aug 23, 2011

Hibbert said:
It's clear Hoffman, show them who the fuck your investors are and they will sell up.

That's what it sounds like to me anyway.

Surely he can't do that though can he! After all "he is full of shit."

AFCCOVENTRY · Aug 23, 2011

I hope an offer is accepted in principle so that Hoffman will ask SISU to release some funds to Andy Thorn and they will pick up the tab on completion. :guitar2:

Hibbert · Aug 23, 2011

Otis said:
Surely he can't do that though can he! After all "he is full of shit."[/]

He's clearly hiding something. What's your problem anyway? Am I not allowed a view that differs to yours?

AFCCOVENTRY · Aug 23, 2011

This is a good read... principally for city companies but more of so gives the structure and process involved for a takeover.

http://www.thetakeoverpanel.org.uk/wp-content/uploads/2008/11/code.pdf

sky blue john · Aug 23, 2011

Two points to note people.
The only reason Sisu want to know who the main investor is because if they then know its someone with a lot of money they will push the price up. It makes perfect sense for GH to keep this under wraps. Also if they know who it is they will probably badger this person direct. So before everyone on hear starts bleating just tell them! it is being done for a reason and just let things take there course !!!!

The other point a couple of you have mentioned regarding taking over the Sisu debt and offering money on top if promoted. Well you would be very wide of the mark if you think anyone in there right mind would offer a deal as good as that. This will be a long drawn out process and we all need to keep calm it will take as long as it takes.

Monkeyface · Aug 23, 2011

Hibbert said:
Otis said:

Surely he can't do that though can he! After all "he is full of shit."[/]

He's clearly hiding something. What's your problem anyway? Am I not allowed a view that differs to yours?

Click to expand...

what makes you think he's hiding something? I'm not having a pop, I'm just interested to know your views. Because one minute people are saying he's 'saying to much' and then your claiming "he's clearly hiding something".

Hibbert · Aug 23, 2011

Just a gut instinct mate, seems a bit fishy to me. Hope I'm proven wrong.

georgehudson · Aug 23, 2011

Just a moment, 'transparency of investors, capability of funding', what have, or did, SISU show, in this regard, rather a duplicitous statement I feel, .............PUSB

CCFC123 · Aug 23, 2011

Hoffmans not stupid. He knows what card he's showing and will be prepared to show his Ace card when it's time to do so. He'll tie these clowns up in knots when his finished with them.

georgehudson · Aug 24, 2011

hope so ccfc123, await the devious tripe from kd & co

Sub · Aug 24, 2011

Although there are perfectly good reasons for the board wanting to have clarifaction about hoffmans backers, i do find it funny tho that they are asking for information about where hoffman gets his money from and clarifaction. This is the same question we have been asking SISU for the past 3 years and the information they don't want to tell us all:laugh::laugh::laugh:

I'mARealWizard · Aug 24, 2011

Surely SISU are protecting the return of their investment once promoted to the Premier League (which is what GH said in the Telegraph months ago)

Fair enough the investors may be able to provide evidence that the funds are there now, but by the time we get back to the Premier (not if ) will those funds still be accessible?

We'll_live_and_die · Aug 24, 2011

Does it not sound like an almost done deal? Hoff hasn't revealed his full hand yet, but the investors are there. At no point has the board stated that they are not happy with the "offer". They just want to be sure that the people they are selling too has the cash. For once it would seem they are working in the interests of us and our club instead of their own pockets.

Coventry City statement on Gary Hoffman takeover offer (1 Viewer)

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