The Guardian has learnt tbat "David has confirmed that negotiations with the club's board are at an advanced stage and he expects a deal to be struck before Thursday, when Coventry must either prove their solvency or allow accountants to come in and manage the finances.
David will take on Coventry's £38m debt and pay in the region of £15m for
full control of the Midlands outfit. He will then work on drawing up a
transfer budget and hopes the current manager, Iain Dowie, will remain in
place to spend it on players. Dowie put a question mark against his future
after saying he would leave if Coventry went into administration.
"Negotiations are at a very good stage and I expect a positive decision to
be made soon," David said. "Coventry is a team which can achieve great
things if it is slapped into shape. My aim is to take them into the Premier
League and I want to work with the current management team to achieve that."
David, 39, who personally is worth an estimated £4bn, comes from wealthy
stock. His late father was the managing director of the Leventis-David
group, a family business which owns bottling plants for Coca-Cola in 23
countries.
He is the majority shareholder and has set up other companies,
including Independent Models, the largest modelling agency in the UK, and
111 Pictures Ltd, a UK-based movie production outfit, and has featured in
and directed small-scale films including The Good Brother and The Freediver.
He is already a shareholder at Panathinaikos, the 19-times Greek champions,
and the Nigerian side Leventis United, but he now wants to move into English
football and, as well as trying to secure Coventry, is planning to enter
into negotiations to buy into a Premier League club."I will try to get there
with Coventry and also with a team that already plays in that division," he
said.
He was attracted to Coventry after they announced that they had filed papers
with the courts stating their intention to enter administration. If a
takeover is not finalised before Thursday the club will be hit with a
10-point deduction which will put them in the Championship relegation zone.