Manhatten Give Their Reasons
Last updated : 08 October 2007 By Covsupport
Manhatten's Gary Hopkins has spoken about why the American consortium pulled out of a bid for Coventry City and the Arena.
Hopkins said to the CT: "Manhattan Sports Capital Partners has been working for the past eight months to develop a financial solution that would underpin the future of Coventry City Football Club.
"We have invested significant resources, both financial and physical, in this review. "Our early diligence clearly identified that the challenge would be tough. "We have been working with banks, investment groups and individuals in the USA to put together a suitable package.
"At this stage we have been unsuccessful in achieving this. "The reasons for this include the complexity of the existing financial condition of the club and the difficulties inherent in reconciling the interests of all related parties including the banks, creditors, Coventry City Council, The Higgs charity and club shareholders.
"We would like to make it perfectly clear that our inability to move forward at this stage is not based on any one single issue, but rather a combination of many factors that together, from our standpoint, have made this a difficult transaction to finance and complete.
"The club obviously needs to move forward and our understanding is that the club's financial advisor, Kroll, has several offers on the table. "We wish them every success in completing a transaction that benefits the club and the people of the city of Coventry."
