Coventry City bidders given takeover deadline

[dutchman]

The joint-administrator for Coventry City has said any party interested in taking over the troubled club has until the end of next week to make a bid.

The League One club have been in administration since March when they were deducted 10 points by the Football League following a high court hearing.

"I have spoken and met with a number of parties who have expressed an interest," said Paul Appleton.

"I have set a deadline of 31 May for indicative offers from those parties."

Appleton had previously admitted that the job of trying to offload Coventry City has been made harder by continued confusion over the ownership of the Golden Share, which entitles membership of the Football League.

The Football League ruled that the division of the club that went into administration, Coventry City FC Limited, were the owners of the Golden Share, hence the 10-point penalty.

But the club's current owners Sisu had argued that it was actually Coventry City Holdings Ltd, who were not in administration, that actually held the club's assets and staff contracts, and should have been the ones dealing with the Football League.

Sisu initially appealed against the decision to deduct the club 10 points, though later withdrew its complaint.

In his statement, Appleton attempted to clear up the confusion.

"I now believe the registration of the Golden Share lies with Coventry City FC Limited," he said.

"Holdings believe they have a beneficial ownership of the Share given the level of investment they have made and the fact the players contracts are in their name, together with many other important elements.

"This has seemingly been endorsed by the Football League who have completed all current player registrations in the name of Holdings.

"Should Holdings maintain their claim to a beneficial ownership of the Share, ultimately only the Court can overturn that."

So far, the only confirmed bidder for the club is American tycoon Preston Haskell IV but his consortium's deal depends on acquiring this Golden Share.

[dutchman]

Coventry City administrators extend takeover offers deadline

Coventry City's administrators have extended the deadline for any party interested in taking over the troubled club to make a bid to Friday 7 June.

City have been in administration since a High Court hearing in March.

Joint-administrator Paul Appleton had originally set a deadline for 31 May for parties to formalise an offer.

However, after being approached by an Asian consortium and a group headed by American Preston Haskell IV, the deadline has been extended.

The two parties are bidding to buy Coventry City FC Limited, the division of the club that was ruled to own the Golden Share, which entitles them to Football League membership.

After being put into administration, the club was automatically deducted 10 points by the league, costing them any chance of promotion.

However, current owners Sisu argue that Coventry City Holdings Ltd, which is not in administration, holds the club's assets, including staff contracts and the Golden Share.

Sisu initially appealed against the points deduction, but later withdrew its action.

And administrator Appleton has said that he concurs with the ruling of the High Court, believing the Golden Share lies with Coventry City FC Limited.

"Should Holdings maintain their claim to a beneficial ownership of the Share, ultimately only the Court can overturn that," he said earlier this month.

[dutchman]

In other words there hasn't been a bid!

The administrator has failed miserably to find a buyer or even to determine who is the legal owner of the club

[rebbonk]

Would you put up good money if it wasn't clear just what you were buying?

The whole thing is a farce.

[dutchman]

Coventry City administrator announces four bids...

Coventry City administrator Paul Appleton has announced that four bids have been made for the League One club.

Following Thursday's 12:00 BST deadline for final and best offers for Coventry City FC Limited, Appleton said: "I can confirm I have received four bids.

"I will obviously now take time to consider these bids before contacting the bidders with my final decision on a preferred purchaser.

"As part of this process, there will be discussions with the Football League."

It had been reported there could be as many as six potential bidders for the Sky Blues, but the only ones known are from a consortium headed by US tycoon Preston Haskell IV and another involving the club's current owners, Sisu.

Appleton is keen to have any deal finalised before the fixture list for the new season is released on 19 June.