The latest bid by the Gary Hoffman led consortium has been turned down by Joy Seppala and her cronies.
The bid was which made last week and rejected on Monday is believed to have let Sisu have the money if Callum Wilson leaves AFC Bournemouth and been improved.
The statement from the Consortium is as follows:
“The consortium led by Gary Hoffman have been working hard in the background and in private to produce an offer for Coventry City FC that could be attractive to Sisu Capital.
“A revised offer for the club was made a few days ago but this was disappointingly turned down on Monday without any discussion. We have offered to meet with Joy Seppala several times but this offer has not been taken up.
“The terms of the offer will remain confidential but we can tell you it had improved terms including a higher cash offer up front than the £7m that was turned down last time.
“Given the circumstances of the club we regarded it as very generous.
“The offer was supported by the ability to demonstrate Proof of Funds for the acquisition.
“We want the Sky Blues to stay in Coventry and we are confident of being able to quickly agree a long term deal to play at the Ricoh.
“Clearly the owners of the club have options. Another ground share or possible expulsion from the EFL which would of course be terrible.
“That’s why we made the offer for a better way forward for everyone, especially the fans.
“Mark Robins and the team are doing a great job and we all enjoyed a great day out at Peterborough last Saturday. However the plans for next season need sorting and we had hoped our offer would be accepted or at the very least form a basis for discussion.
“There are other options to a ground share or the threat of a negative decision by the EFL.
“For the sake of CCFC and its supporters we urge Sisu to explore those alternatives in constructive dialogue with the consortium. Please.”