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

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The CableGuy

Well-Known Member
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."

 
Hibbert

Hibbert

New Member
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.
 
Hibbert

Hibbert

New Member
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

AFCCOVENTRY

Well-Known Member
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.
 
ajsccfc

ajsccfc

Well-Known Member
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.
 
AFCCOVENTRY

AFCCOVENTRY

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

TheHellion

New Member
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.
 
sw88

sw88

Chief Commentator!
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:
 
S

skybluereeve

Well-Known Member
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
Click to expand...
 
coundonskyblue

coundonskyblue

New Member
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:
Click to expand...

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.
 
kg82

kg82

Well-Known Member
AFCCOVENTRY said:
It is like a game of chess this. You can't reveal all your cards at this stage of a takeover.
Click to expand...

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

Paxman II

Well-Known Member
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

IrishSkyBlue

Facebook User
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
 
AFCCOVENTRY

AFCCOVENTRY

Well-Known Member
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:
 
sky blue john

sky blue john

Well-Known Member
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

Monkeyface

Well-Known Member
Hibbert said:
Otis said:
Surely he can't do that though can he! After all "he is full of shit.":eek::whistle:;);)[/]

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

georgehudson

Well-Known Member
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
 
C

CCFC123

New Member
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.
 
Sub

Sub

Well-Known Member
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

I'mARealWizard

New Member
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

We'll_live_and_die

Super Moderator
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.
 
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