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Coventry City in takeover talks
England - 09 March, 2007
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English Coventry City announced it is in talks with an American consortium, Manhattan Sports Capital Partners, regarding the takeover of the club.
The consortium is composed of American investors Sean McDevitt and Philip Harris, along with U.S. based English investment adviser, Roger Marment. The group has already agreed to a deal to buy the club and take on its debts that are estimated at GBP 28 million.
A US-based business consultant, Gary Hopkins, who is a lifelong Coventry City fan, has been putting the consortium together and organising the talks over the past five months.
"The chairman and board of Coventry City Football Club confirm that non-binding heads of agreement have been signed with Manhattan Capital Sports Partners," a club statement said.
"The Manhattan group are at an early stage of their due diligence and it will not be possible for some time to be sure whether or not the deal will go ahead. We hope it will.
"Meanwhile, we have made it clear to the Manhattan group that any new arrangements for the club must involve substantial investment in improving and strengthening the squad to achieve the club's Premiership ambitions."
Hopkins said it would take a big investment for the club to be bought.
"What we will come back with in about four to five weeks is what we believe is a rational, sensible plan for our own investment in the club," Hopkins said.
"And if the parties all agree, we will at that stage disclose what the investment will be. But it is a big solution. Clearly it is not a few million pounds."
The consortium is composed of American investors Sean McDevitt and Philip Harris, along with U.S. based English investment adviser, Roger Marment. The group has already agreed to a deal to buy the club and take on its debts that are estimated at GBP 28 million.
A US-based business consultant, Gary Hopkins, who is a lifelong Coventry City fan, has been putting the consortium together and organising the talks over the past five months.
"The chairman and board of Coventry City Football Club confirm that non-binding heads of agreement have been signed with Manhattan Capital Sports Partners," a club statement said.
"The Manhattan group are at an early stage of their due diligence and it will not be possible for some time to be sure whether or not the deal will go ahead. We hope it will.
"Meanwhile, we have made it clear to the Manhattan group that any new arrangements for the club must involve substantial investment in improving and strengthening the squad to achieve the club's Premiership ambitions."
Hopkins said it would take a big investment for the club to be bought.
"What we will come back with in about four to five weeks is what we believe is a rational, sensible plan for our own investment in the club," Hopkins said.
"And if the parties all agree, we will at that stage disclose what the investment will be. But it is a big solution. Clearly it is not a few million pounds."
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