Cost of Coventry's takeover unknown yet

US-based businessman, Gary Hopkins, is leading talks for an American consortium and says it is too early to determine what the cost of English Coventry City's takeover will cost.

Hopkins is heading the talks for Manhattan Sports Capital Partners, which has a non-binding agreement to buy the Championship club.

"We are in the early stages of looking at a financial package," Hopkins said. "It is therefore too early to say how much we are talking."

Coventry City owes debts of approximately GBP 28 million and is looking for investments so Iain Dowie, the club's new manager, will have transfer funds.

"Everyone knows Coventry has been through tough times in the last five years and we need to look at that and make it change," said Hopkins.

"The consortium have seen what is happening in both US and UK football and want to get involved."

U.S. investors, Sean McDevitt and Philip Harris, along with English investment advisor Roger Marment, are the ones behind the consortium and Hopkins wants to create a successful business plan before taking over.

"Sport is a business and has to work economically and add value," he said. "We have to set down a business strategy and there has to be a good business model.

"They (the consortium) have seen what is happening in both U.S. and U.K. football and want to get involved. I am a Coventry fan and I have been working with managing director, Paul Fletcher, for six months."

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