Coventry City loses U.S. suitor

English Coventry City has lost the interest of U.S. consortium Manhattan Sports Capital Partners, Ltd., which had been eyeing the club for a takeover bid.

That caused great consternation for club managing director Paul Fletcher, who resigned Friday after admitting that all five potential buyers have dropped out of the hunt to buy the club. Coventry City is holding off a GBP 28 million debt, and must lease a pitch to play on.

The club director said there still were talks going on with potential buyers, but that Manhattan Sports Capital was not one of them. Elliott said the fluctuating U.S. dollar and interest rates in the United States were among the reason for the group withdrawing.

"Everyone at the club is very sad the deal will not be going ahead after all parties have worked so hard to complete it for the last eight months," Elliott said. "Unfortunately, it is the case with business that other factors often dictate deals and this is the situation here. Coventry City could not have worked harder for this investment to progress."

Source: euFootball.BIZ © Copyright 2006 - All rights reserved.