Coventry have admitted that former chairman Geoffrey Robinson's takeover bid would be difficult to accept.
Former chairman's offer 'difficult to accept'
Coventry have admitted that former chairman Geoffrey Robinson's takeover bid would be difficult to accept.
Robinson resigned as Sky Blues chairman last month after five potential investors withdrew their interest in the club.
He is now heading a consortium that is hoping to buy the debt-ridden club, but a rival group has also made an offer which Arena Coventry Limited (ACL) feel is more advantageous.
ACL, a joint venture company consisting of Coventry City Council and the Alan Edward Higgs Charity, own the Ricoh Arena and, along with the football club's board of directors, shareholders and creditors, will decide which offer to accept.
In a statement, ACL chairman David Allvey said: "As part of our ongoing commitment to help positively secure the future of Coventry City Football Club, ACL directors met with representatives of a consortium introduced by Geoffrey Robinson on Friday evening and both sides are currently reflecting upon that meeting.
"Notwithstanding the very credible make-up of the consortium team, on the basis of the proposals presented to ACL directors, which we recognise to be less developed than others we have seen, we believe that there are key aspects of the consortium's proposals which would be difficult for the ACL board to accept and deliver and which are less advantageous to a secure future for Coventry City Football Club."
Coventry, who have been seeking new investment since February, are estimated to be in the region of £38million in debt, and are in such a dire financial position that the Football League recently imposed a transfer embargo on the club.
