The name of ACL has been doing the early rounds as to who this bidder is.
Joe Elliott speaking on BBC C&W said It was a difficult thing to sell a football club which did not his own its own ground but he was hoping for success and added Operation Premiership was still on as far as he concerned.
He also said that deals had been received but were not the right ones or anyhwere near the required amonuts. He stressed that the any deal would have to be right for the club and the Cityof Coventry and Coventry City Council.
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They would only sell to someone who wants the club and has the club's interests at heart. Mr Elliott also called for all parties to work together.
With regards to Paul Fletcher, he said that he would be contacted over the weekend but had been feeling low after an illness and a family bereivement.
Any interested party would have to sort out the club's debts before getting their hands on the Arena,a Council Representative said.