Coventry City primed for takeover

English Coventry City is on the verge of a takeover, and the deal could be finalised as early as the end of the month.

U.S.-flavored Manhattan Sports Capital Partners have agreed to a deal, taking on the club's debt of GBP 28 million.

The company features investors Sean McDevitt and Philip Harris, along with U.S.-based English investment advisor Roger Marment. Talks are being led by business consultant Gary Hopkins.

"June was always around the time that we were hoping to make a serious announcement," said managing director Paul Fletcher. "We're hopeful they'll confirm an offer by the end of the month or soon after.

"There is still a long way to go, but this is where we expected to be at this stage of the negotiations."

The club denied Graeme Souness made a bid.

The club called an Extraordinary General Meeting to decide whether to transfer the 50 percent ownership of Ricoh Arena to chairman Geoffrey Robinson as security against the loans that Robinson has given the club.

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