A bid from Coventry City's owners SISU for the half share in the Ricoh Arena has been rejected, according to the CT's Les Reid this morning.
Coventry City Council have said that they do not now expect any progress on the matter before the start of the season on August 18th.
An offer was made last weekend for the half share by SISU to the Higgs Charity but Peter Knatchbull-Hugessen told the CT's Les Reid: "Talks between the charity and CCFC/SISU continue. An offer has been made.
"The Trustees and their advisors have discussed it. As it stands, it is not acceptable in several aspects. If a sale to CCFC/SISU is to be possible, further talks and movement by CCFC/SISU will be needed. The Trustees and their advisors have to be mindful that they are responsible for public money and that any disposal must achieve a proper value.
"The Trustees hope that talks will continue so that the offer is improved.
"CCFC/SISU are carrying out due dilligence on ACL to assure themselves as to the value of the company in which they wish to become sharteholders. The charity is not part of, or aware of the progress of, talks between the City Council and CCFC/SISU as to whether the City Council will be happy to enter into a partnership with CCFC/SISU in joint ownership of Arena Coventry Ltd."
More on this http://www.coventrytelegraph.net/coventry-city-fc/coventry-city-fc-news/2012/06/09/92746-31147630/