Fletcher On Takeover Latest

The letter reads as follows:

As you may be aware I was over in New York last week to continue our discussion with Gary Hopkins and the Manhattan Group. Whilst I was there I checked my e-mails and read a few rumours about 'takeover - off'' etc. I appreciate that rumours like this are normal in these situations but can assure you that talks are still ongoing.

Over my period as Managing Director at Coventry City I have always tried to be as open as possible with supporters. But unfortunately in this current situation I have to stay silent as I am bound by confidentiality.

The takeover talks are not simply the sale of Coventry City Football Club to new owners. There are other parties involved including Coventry City Council; Arena Coventry Ltd; The Higgs Charity and of course, the Club's bankers the Co-op Bank. Each of these parties plays a big part in Coventry City's future and all must be happy for the process to conclude satisfactorily.

One important ingredient in any takeover is the opportunity for Coventry City FC to buy back its ownership in the stadium company. This along with other measures will help put the club back on a sound financial footing and support our push for premiership football. This is still our aim.

In closing I apologise that I am not able to give you more information but can only assure you that the Senior Management Team and I are doing everything in our power to ensure that we are successful and to continue our plans for Operation Premiership provide a great future for Coventry City. We will work relentlessly to achieve this aim.

I hope to be in a position to give you more positive information soon.