Gary Hoffman has launched his long awaited take over bid for Coventry City.
Mr Hoffman, a former vice chairman of the club has been working hard to find investors to wrest control of the club from the current owners Sisu.
The stupid move by Sisu to suspend Joe, Mr Coventry, Elliott as Life President of the club last night, has forced Mr Hoffman to move a little earlier than he would have liked, but the take over bid has been launched.
Mr Hoffman, like Joe Elliott is a life long Coventry City fan. He is a successful banker and has considerable contacts within banking and the finance industry and has managed to find investors who are willing to pump in millions of pounds to back his take over bid.
The bid will include making money available to buy all or part of the The Ricoh Arena as well as providing funds for the manager to build a side capable of winning promotion.
It is understood that Mr Hoffman has already had one bid rejected by Sisu, but he has now returned with a stronger bid and is awaiting a response from Sisu and the board.
Mr Hoffman revealed that he was forced into prematurely revealing his take over bid by the insane decision to relieve Joe Elliott of his Presidential duties at the club, but Sisu claim he was suspended because of his close links with Mr Hoffman and the takeover bid.
Speaking to the Coventry Telegraph, Mr Hoffman said: “On the back of the news about Joe Elliott’s position, I can confirm that on behalf of some serious investors, I have been in discussion with Coventry City chairman Ken Dulieu and, through him, the football club board about proposals to invest significant sums in the club.
“I was hoping that at this stage that these discussions would remain confidential but this ridiculous decision to relieve Joe of his responsibilities as Life President means that I have to confirm that those discussions are under way."
“A verbal proposal was originally made and turned down, and a more formal proposal has been tabled but that’s all I am prepared to say at this stage.”
Mr Hoffman quit as vice chairman of the club in protest at the way in which Sisu were running the club and immediately set about seeking backers for a take over.
The club are losing around £0.5m a month on top of the estimated £30m investment Sisu have made in the three and a half years they have been in control. Although Sisu claim the club is not for sale they would listen to any offers that would mean they could at least recoup their outlay and may even accept a slight loss on their investment.
Last week it was revealed that the £5m cash injection that Sisu claimed to have put into the club late last season in an effort to stave off administration in fact came from the sale of the only profitable asset the club owned, the Prozone sport analysis company.