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Last Updated: Monday, 8 October 2007, 09:24 GMT 10:24 UK
US group ends Coventry interest
Coventry City
Coventry City have announced that American consortium Manhattan Sports Capital Partners Limited have withdrawn their interest in taking over the club.

The Sky Blues managing director Paul Fletcher resigned on Friday.

He told the Coventry Telegraph at the weekend that he had quit "because of the apparent withdrawal of all five potential buyers".

But the Championship club insist that buy-out talks are still progressing with a number of other parties.

606: DEBATE
Club director Joe Elliott said the Manhattan group's withdrawal was "bitterly disappointing" - and blamed it on problems with interest rates in the United States, the fluctuating price of the US dollar against the pound, as well as the business interests of the group's potential principle investor Sheldon Yellen.

"Everyone at the club is very sad the deal will not be going ahead after all parties have worked so hard to complete it for the last eight months," he said.

"Unfortunately, it is the case with business that other factors often dictate deals and this is the situation here. Coventry City could not have worked harder for this investment to progress."

Fletcher recently rejected rumours that Coventry - who are reportedly 28m in debt and do not own their ground, but are tenants at the Ricoh Arena - faced administration.

SEE ALSO
Sky Blues chief Fletcher resigns
05 Oct 07 |  Coventry City
Sky Blues insist talks continue
13 Sep 07 |  Coventry City
Council hits back over takeover
01 Aug 07 |  Coventry/Warwickshire
Coventry takeover still on course
22 Jul 07 |  Coventry City
Coventry investors urge patience
14 May 07 |  Coventry City
Hopkins coy on Coventry takeover
13 Mar 07 |  Coventry City
US group eyeing Coventry takeover
07 Mar 07 |  Coventry City


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