Coventry City' owners have turned down a third bid from the Gary Hoffman backed consortium.
According to the Coventry Telegraph, a bid worth around £20m was rejected by Joy Seppala and co, who are believed to want back the money they claim to have put into the club to give back to their investors, plus a bung on top.
The article also makes clear that the consortium will contine with their efforts to try and save the club which many will not be supporting financially by either buying season tickets or home match tickets and one many feel is destined to drop out of the Football League altogether unless there is a change in those running the club.
Gary Hoffman, confirming what many people already knew, told the Coventry Telegraph: "I feel an obligation to let Sky Blues fans know where we have got to.
"I can confirm that a revised bid was put in on Friday, May 5th. It was rejected a week later with a one line reply.
"We don't want to give all the details of the bid but can confirm it proposed upfront cash of more than SISU bought the club (equity and debt) for nine years ago and was a substantial increase on the previously leaked offer.
"It also allowed SISU to retain ownership of the Ryton training ground. It was signed by several consortium members and offered to provide proof of funds.
"Following the rejection, members of the consortium have offered to meet with Joy Seppala to see if we can have constructive discussions to bridge the gap between her expectations and our offer.
"Several requests for meetings and phone calls have received no response. So, we just wanted to let fans know that we see no point in putting a further offer in when we have no idea as to what SISU will sell for.
"We thought we had made a significant and generous offer which would also have safeguarded a long term home for Coventry City in the City of Coventry.
"I love watching the Sky Blues but will not be renewing my box and season tickets unless and until we have been able to have a constructive dialogue.
"We are very happy to meet with Joy Seppala and her team at anytime to explore whether a deal can be done that is good for SISU and good for CCFC.
"We are doing that by making what we think is a very generous offer to Sisu and we will invest the money and execute. They don’t need to do anything except take the benefit of any upside and share from the proceeds of something they would no longer be controlling.”
The Ricoh Arena is Coventry City’s home and we would be confident of doing a long-term deal to do that. Absolutely. The shop should be back there and there are many things we can do once we have agreed a deal with Sisu.”