Take-Over Latest

Last updated : 22 February 2007 By Covsupport

With rumours of a possible take-over at Coventry City now being made public, Paul Fletcher stated at last night's forum with Iain Dowie and Tim Flowers,: "There are things going on behind the scenes at the moment, but talks are still in the early stages. "We are looking for new investment. When the time is right we will announce what is happening at Coventry City."

Covsupport understands that any takeover could take weeks or months to complete as it is believed that the potential investor wants the Arena as well as the club.

Arena Coventry Limited who own the Arena have two Coventry City Council chiefs in Stella Manzie and John McGuigan as directors and they are expected to have the final say on whether they will relinquish the Council's grasp on City's home since August 2005.

Should they agree then ACL is expected to become a subsidiary company of Coventry City (Holdings) Ltd which will give the club far more income streams which can be channeled into new players.

Staff employed by the club have been told in two meetings that their jobs will be safe.