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Ricoh Arena firm reacts to bid result
“ACL has received notification of the Administrator's decision to accept Otium Entertainment’s bid but has not yet had the opportunity to interrogate the detail, nor a chance to talk through the implications with the Football League. The Board will consider its response in due course when more information is available.”
Sky Blues bid winner may not be popular with fans
The administrator for the part of Coventry City which is in administration has acknowledged the outcome of a bidding process for a part of the club, may not be popular with some supporters.
Otium Entertainment Group Limited, a company connected to the current owners Sisu, has had a bid accepted.
– Paul Appleton, administrator for Coventry City FC Ltd"I realise and appreciate the end result of the sale process will not necessarily be welcomed by a large number of Coventry City fans."
Sisu have been involved in a long running row with the Ricoh Arena over rent costs.
The company has said it is planning to move the Sky Blues out of Coventry, whilst it builds a new stadium.
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Winning Sky Blues bidder connected to current owners
The administrator for the part of Coventry City which is in administration has said the bid put forward by Otium Entertainment Group Limited was 'substantially more' than the three other offers received.
The company is connected to Sisu, who took over the Sky Blues in 2007.
– Paul Appleton, administrator for Coventry City FC LtdThe bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received
and was the bid which gave the greatest return to the unsecured, non-connected creditors of CCFC Limited by a considerable margin.
Breaking: Coventry City bid 'accepted'
The administrator for Coventry City FC Ltd has said a bid has been accepted from Otium Entertainment Group Limited. This company is connected to Sisu, the current owners of the football club.
More to follow...
'No bid' from Ricoh firm for Sky Blues
The company which runs the Ricoh Arena, is no longer trying to buy the part of Coventry City which is in administration.
ITV News Central has been told that Arena Coventry Limited, which is half-owned by Coventry City Council, has not put in a 'best and final' bid.
The company earlier this week put in an indicative bid for Coventry City Ltd but has since pulled out.
Four final offers have been put forward for the company.
Two of those are understood to be the the Sky Blues' current owners Sisu - and American property tycoon Preston Haskell IV.
Coventry owners bid to keep control of club
ITV News Central understands the current owners of Coventry City have put in a bid to buy the part of the club which is in administration.
Sisu are among four parties who have entered bids for Coventry City FC Ltd, ahead of a deadline set at 12pm today.
A consortium led by Preston Haskell IV, an American property tycoon, has also put forward a 'best and final' bid.
Sisu took over the Sky Blues in 2007 and owns another part of the club, Coventry City Holdings Ltd.
The hedge fund are planning to move the club out of Coventry for three years whilst they build a new stadium.
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US property tycoon among Sky Blues bidders
ITV News Central can confirm an American property tycoon has put in a final bid for the part of Coventry City which is in administration.
Preston Haskell IV is working with the club's suspended life president Joe Elliott and former vice-chairman Gary Hoffman.
The group is one of four interested parties who put in 'best and final' bids for Coventry City FC Ltd before a deadline of midday today.
Sources in Haskell's camp say the US businessman is hoping the administrator will decide on a preferred buyer 'as soon as possible'.
Four final bids made for Sky Blues
The administrator for the part of Coventry City which is in administration, has received four final bids.
– Paul Appleton, administrator for Coventry City FC Ltd"Following today's deadline for Final and Best bids for CCFC Limited, 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.
There will also be discussions with the Football League as part of this process."
Noon deadline for final bids to buy part of Coventry City FC
Final bids to buy the part of Coventry City FC which is in administration, must be submitted by midday today.
Six parties have shown an interest in the club, which has got debts of around £70 million.
All bidders are covered by a confidentiality clause.
Future of Coventry City FC - full report
Coventry City Football Club are tonight a step closer to playing at the Ricoh Arena next year after its owners said they could use it rent-free.
ITV News Central has also learned that Arena Coventry Limited, who own the stadium, have made a bid to buy the club's assets from the administrator.
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