There is concern that Texan property tycoon Preston Haskell IV could switch his interest from Coventry City to Leeds United after the Yorkshire club were put up for sale.
Haskell had tried to buy Leeds in December but was beaten by Gulf Finance House, who have now said that they want to sell their share in LUFC Holdings which they bought for £22m and has started negotiations to sell their interest.
Mr Haskell and his representatives are understood to be ready to buy Coventry City if the club goes into administration and have already had a couple of tours around the Ricoh Arena as well as taking in City's 2-2 draw with Colchester United.
However, the Bahrain-based investment company has moved to clarify the statement, saying it was only selling part of its share in the club to raise investment.