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Coventry City faces administration as takeover deal falls through
England - 03 December, 2007
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Just when it seemed English Coventry City was on the way to salvation from administration, a potentially club-changing takeover was blocked by a bank.
Co-Op bank, which has GBP 18 million of the club's debts, has said no to a takeover bid by SISU, the investment company fronted by former player Ray Ranson. SISU and the club had been very near a deal.
Chairman Joe Elliott called it a crisis point, in which the club could face administration.
Co-Op bank, which has GBP 18 million of the club's debts, has said no to a takeover bid by SISU, the investment company fronted by former player Ray Ranson. SISU and the club had been very near a deal.
Chairman Joe Elliott called it a crisis point, in which the club could face administration.
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