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.
The sale of Coventry City has been completed, but the Football League still needs to decide on its future
Members of the Sky Blues Trust, a supporters' group, have given a letter to the club's administrator.
Sources at Coventry City say the club is in ‘advanced talks’ with Walsall over plans to temporarily play at Bank's Stadium.