U.S. Real Estate Investor Prepares To Take Over Coventry City If Club Goes Into Administration
U.S. property tycoon Preston Haskell IV has "emerged as the man waiting in the wings to swoop" for League Championship club Coventry City should the club be placed in administration on Friday, according to the COVENTRY TELEGRAPH. The American, who has a fortune estimated at $250M, is "being lined up by Ricoh Arena owners ACL to take over the football club." The Texan "looked to buy" League Championship club Leeds United late last year. ACL, which is jointly owned by Coventry City Council and the Alan Higgs charity, has made the application to the High Court for administration over £1.3M ($2M) in arrears, "racked up after the club stopped paying rent, arguing they were being vastly overcharged." This "could force out" Mayfair-based hedge fund owner Sisu, which has invested more than £40M ($60M) into the club and "had hoped to acquire a stake in the Ricoh" (COVENTRY TELEGRAPH, 3/19).