Any deal for Coventry City's owners SISU to have a stake in the Ricoh Arena could take up to sixty days according to Higgs Charity, who have said they they will step away.
In a statement posted on the Sky Blues Talk forum, the Higgs Charity have said: "The role of the Charity was to save the project from extinction as CCFC had failed at every stage to come up with the money.
"It was always recognised by the City Council and the Charity that the Football Club was a vital part of Coventry, but neither could provide the level of investment in the way necessary to assist in saving a poorly managed Football Club: The prize was and still remains the economic and social regeneration of North East Coventry.
"The Charity does not have the substance necessary to be a long term strategic partner for the City Council, and the Trustees cannot tie all its funds up in the Ricoh.
"The Charity has completed its job at the Ricoh and now needs to move out of the way to allow a partner with greater investment strength to partner the City Council.
"It is up to the City Council to decide whether Sisu/CCFC is that partner, of course the Charity will remain a committed shareholder in ACL for as long as it is necessary, if the SISU/CCFC deal is not converted.
The forum also includes an interview with a representative from the Higgs Charity who said that any deal could take perhaps sixty days if everything went smoothly but there were showstoppers and the deal could fall over as well as there was no-one in the frame for the deal apart from SISU/CCFC.
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