One Hoffman Consortium Deal Done

Last updated : 16 January 2012 By Covsupport News Service

According to reports, Coventry City Council have agreed a deal with Gary Hoffman and his consortium for the Ricoh Arena.

The deal is being reported at £70m and is also said to include land rights for the surrounding area.

SISU had said that they had wanted to buy the Higgs Charity share but with the Charity wanting to know exactly who their investors are and the City Council bosses flatly refusing to deal with the Hedge Fund, the Hoffman consortium who are more paletable to the City Council have been able to agree a deal.

Meanwhile, talks continue for the Hoffman consortium to buy Coventry City Football Club and its parent Holdings company with SISU who are still looking for a return on the £30m they claim to have loaned the club.