Ray Ranson and SISU, did not make the move when they took control of the club and Mr Ranson said that this looked unlikely to happen at the Shareholders AGM back in April.
However, after missing out on a share of £12m generated by the Take That concerts plus other income, its seems at long last that the Sky Blues are heading towards getting a share of the profits from their Ricoh Arena home by getting the share in ACL owned by the Alan Higgs Trust who bought them from the club originally.
Speaking to the CT, City Director Joe Elliott said:"We're working on plans to buy back half of the arena. There's nothing certain. That's where we're wanting to go, but it is a costly business."
He did not confirm whether the recent player sales would be going towards funding this purchase and added: "That would be down to the chairman to talk about. He'll be saying something on that in the next few days.
"We're aiming to try to purchase the 50 per cent but there is a long way to go. If there was any other opportunity on the table we would look at it."
At the moment, there has been no bid from Coventry City for the stake with the Ricoh Arena's Daniel Gidney commenting: "I can confirm that the board of the Arena Company has received no contact or offers for a level of shareholding in the Ricoh Arena."