Jojar Dhinsa has hit back at Mike McGinnity's claims that the deal is dead and said this is not the case and the deal is on track to be completed in 2005 when the Arena is completed.
Coventry-born Dhinsa, an international businessman with a personal fortune of around £40m said "I met Mike McGinnity for about an hour or perhaps more at a hotel in Coventry. "
We're obviously very different in the way we work and I had a lot of questions for him because although I can run a company, I've never run a football club and we're not talking about just a few quid here but a lot of money.
"Since then, my personal assistant has left a message asking for him to get back to me but there's been nothing so far.
"The reason these developments made the papers is not because I sought out journalists but because it happened the other way around - they came to me.
"Nevertheless, there's a lot of work which has been done behind the scenes and we hope that by summer 2005, when the club moves into the new stadium, the deal will have been completed."
He added: "I want Coventry City to be one of the biggest clubs in the world and my dream is to see us winning one or two trophies within the first three years.
"But that means us securing promotion to the Premiership and to do that I believe the manager will need increased financial resources.
"And when I said I hoped there would be a fans' representative on the board, I meant it."