Ranson leaves Cov

[Steven]

Latest bid withdraws

news.bbc.co.uk/sport2/hi/football/14693630.stm

Coventry City takeover falls through

A deal to buy Coventry City has broken down with bidder Gary Hoffman blaming a breach of confidence by the club.

Hoffman is heading a group of anonymous investors but believes their identities were revealed to a number of reporters.

"The board looked to understand the identities of the potential investors and their capability to make investments," a club statement reacted.

"It would not be possible to evaluate any bid which does not demonstrate the offerer's capability to invest funds."

Former Sky Blues vice-chairman Hoffman, whose group were offering to invest £30m, had been seeking to buy the entire share capital of the club for £1.

The Coventry board rejected the offer because the letter was not submitted on headed paper and did not disclose information about the investors.

The club statement continued: "On Thursday the club's lawyers wrote to the leader of the consortium to seek further clarification on matters raised in the original letter.

"No answers had been received, prior to the board yesterday [Friday] being informed that the bid had been withdrawn."

 

[bocadillo]

Hoffman seems to be seeking to be the injured party but once it was revealed that Sam Allardyce was involved in the bid, it was obvious that the Coventry board needed to look again at its viability.

http://www.thesun.co.uk/sol/homepage/sport/football/3778052/Coventry-bid-scrapped-over-Sam-Allardyce-link.html

THE company hoping to buy Coventry City had to scrap their takeover last night after The Sun discovered one of the directors is West Ham boss Sam Allardyce! Our investigation into the hush-hush deal showed that a formal bid was submitted by an internet firm called CUJU8 on Tuesday, fronted by ex-Northern Rock chief Gary Hoffman and lawyer Ken Bruce.

But a closer look at CUJU8 revealed it is a trading arm of parent company Game8 Ltd — which shows Allardyce as a director who has also been an active online contributor.

If the Coventry takeover had gone through, Allardyce would have faced a Football League probe for breaching Rule 86, which strictly forbids the manager of a Championship side from being involved with the owners of another.

Our inquiries showed that the formal offer for the Sky Blues was made on Tuesday. It was presented on CUJU8 letter-headed paper and was signed by Bruce.The same Ken Bruce who suddenly withdrew the offer just minutes after being contacted by SunSport last night.

At first, the lawyer totally denied that CUJU8 had made a bid, even though he was the man who signed it.

He said: "I can assure you from the highest authority we've no interest in it whatsoever. I don't know who told you that. I don't know anything about it (Coventry City). If I'd a quid for every football rumour I wouldn't be working now."

Later, though, he changed his tune — but insisted that Allardyce had done nothing wrong.

He said: "Why should he not invest his money where he chooses?"

When we pointed out it was a potential breach of football rules, he snapped: "It hasn't been bought has it? There is no offer there. You print what you want. You have got the information."

 

[fitz]

So they feel hard done by because they were planning on breaking the rules and it was leaked? Bless

 

[Matt_B]

Hoffman seems to be seeking to be the injured party but once it was revealed that Sam Allardyce was involved in the bid, it was obvious that the Coventry board needed to look again at its viability.

http://www.thesun.co.uk/sol/homepage/sport/football/3778052/Coventry-bid-scrapped-over-Sam-Allardyce-link.html

THE company hoping to buy Coventry City had to scrap their takeover last night after The Sun discovered one of the directors is West Ham boss Sam Allardyce! Our investigation into the hush-hush deal showed that a formal bid was submitted by an internet firm called CUJU8 on Tuesday, fronted by ex-Northern Rock chief Gary Hoffman and lawyer Ken Bruce.

But a closer look at CUJU8 revealed it is a trading arm of parent company Game8 Ltd — which shows Allardyce as a director who has also been an active online contributor.

If the Coventry takeover had gone through, Allardyce would have faced a Football League probe for breaching Rule 86, which strictly forbids the manager of a Championship side from being involved with the owners of another.

Our inquiries showed that the formal offer for the Sky Blues was made on Tuesday. It was presented on CUJU8 letter-headed paper and was signed by Bruce.The same Ken Bruce who suddenly withdrew the offer just minutes after being contacted by SunSport last night.

At first, the lawyer totally denied that CUJU8 had made a bid, even though he was the man who signed it.

He said: "I can assure you from the highest authority we've no interest in it whatsoever. I don't know who told you that. I don't know anything about it (Coventry City). If I'd a quid for every football rumour I wouldn't be working now."

Later, though, he changed his tune — but insisted that Allardyce had done nothing wrong.

He said: "Why should he not invest his money where he chooses?"

When we pointed out it was a potential breach of football rules, he snapped: "It hasn't been bought has it? There is no offer there. You print what you want. You have got the information."

it would seem Cov have done the right thing then. Ha!