Just over a week ago I issued a statement detailing my commitment to buying a controlling stake in Coventry City Football Club.
In that statement I set out a very clear and unambiguous action plan within which I would provide proof of funds in exchange for more detailed and up-to-date information on the club's finances.
I then committed to place my bid within 14 days of the completion of this process as well as refrain from talking to the Press to improve the tone of my relationship with Mr. McGinnity and allow the normal course of negotiation to take place without outside pressures. My purpose was to end the uncertainty for the team, the staff and the fans.
The CCFC board has constantly refused to agree my action plan or to discuss an alternative. As of today, I still do not possess sufficiently detailed information to make a formal bid.
Consequently, I cannot therefore make one and my lawyers have written to the club today to confirm this:
The consequences of my decision are as follows:
1. Short term uncertainty should be ended - the team, the manager and the fans should now focus on improving performance on the field.
2. The board in my view, has failed the interest of the shareholders by missing the opportunity to move on with not only a significant financial return but also with their dignity mostly intact.
3. More importantly, by refusing to even consider my proposals, the board in my opinion, has failed the fans and the long-term future of the club which desperately needs new money and new energy now.
4. I am a son of the city of Coventry and remain passionately interested in buying the club - I will buy it, but the unpredictability of the current board makes it impossible to say when.
This will be my last statement to the Press on the subject of Coventry City FC for the time being. I remain happy to informally talk to and answer questions from any CCFC fans and I expect to see many of you at forthcoming games.
I share your disappointment for now, but can assure you I won't be departing the scene.
I would like to thank the true Coventry City supporters for the enormous support I have been given to date and hope to receive in the future.
Regards
Jojar S Dhinsa