League One Coventry City Attracts Interest From Asian Consortium To Control Club
League One Coventry City has been "approached by an Asian consortium looking to take total control" of the club, according to the BBC. The proposed bid is "from investors from companies based in Singapore, Malaysia and China." The bid would look to not only take on the club, but also "the side's rented ground at the Ricoh Arena." Coventry has "been in administration since March." Administrator Paul Appleton has set a Friday deadline "for all bids to be received by." Lifelong Conventry fan and consortium representative Michael Byng said that Coventry & Warwickshire "were yet to formalise the bid, but were in the process of doing so." Byng: "We received all of the documents on Friday afternoon. We then looked at them and looked at all the pieces we needed to put together to make a compliant bid" (BBC, 5/28).
GROUND SHARE: The EXPRESS & STAR reported a possible ground-sharing deal between League One Walsall and Coventry "looked less likely" Tuesday after the club was reportedly subject of a bid from a Far East consortium (EXPRESS & STAR, 5/28). ITV reported that Coventry is "close to agreeing" on a land deal for a new stadium. Real estate firm CBRE said that they "have been appointed" by the Sky Blues to "look for potential sites." CBRE said, "The firm has been working on finding a site for a new stadium within the Coventry area and is close to agreeing a land deal" (ITV, 5/28).