Coventry City Council Leader and long time City supporter John Mutton has said that a deal with SISU looks to be a long way off following a two and a half hour meeting yesterday.
SISU had Joy Seppala at this meeting and she brought with her an un-named events company whilst Tim Fisher and Paul Barber represented Coventry City FC along with Council leaders and representatives from the Higgs Charity.
Cllr Mutton told the CT's Les Reid that "SISU were a long way off offering a deal to satisfy the council's requirement of investment in the football club and Ricoh Arena and the development of the surrounding land for job creation which was all inextricably linked."
Cllr Mutton added: "There are huge obstacles to the way forward and some potential show stoppers which are not neccessarily in the Council's control.
"We will want to make certain any additional revenue that may be generated through the Ricoh Arena primarily goes into the football club, not to pay off SISU's investors. We want some investors in the football club.
"I want to see the colour of their money. "There is talk of a deal being incremental I said I want back to back contracts - they can't buy into the Ricoh on the promise of something in the future. We need to protect taxpayers property and money.
"The implications of what SISU are saying leads me to believe finance is available. How much remains to be seen.
"If they want to buy out the exisiting loans (£15M mortgage to Yorkshire Bank) and the Higgs Charity shares (previously estimated at £10m based on a formula), there needs to be finance available as well as for the football club and regeneration.
"Whilst I have seen a number of options I haven't seen a firm business case which shows adequate levels of resources will go into the football club to make it competitive next season."