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Page last updated at 13:50 GMT, Thursday, 1 September 2011 14:50 UK

Coventry City director Igwe admits SISU regrets

Coventry City

Coventry City director Onye Igwe has admitted regret over some decisions made by the owners of the club, SISU.

In an open letter on the club website, Igwe, who represents SISU on the City board, hit out at potential investors.

"We readily accept that if we had our time again a number of things would have been done differently," he stated.

"Not in the money that we have invested and continue to invest, but in some of the decisions made and with whom we chose in the past to partner with."

He added: "We have also been too distant, so when the relationship broke down with former executives, we have not been able to put our side of the story.

"Since March the agenda should have been set by the club and owner, building bridges with our supporters and other stakeholders in the City.

"We like to empower the management teams to run operations and do not take an active public role. It is clear that this business style does not work in football."

We are not looking to sell but have said that we would speak with any credible investors looking to be part of a partnership with us
Onye Igwe, Coventry City

In the open letter, Igwe also added that the club were not currently in the financial state they had hoped to be in after four years in the Championship.

"While there are many owners in the Championship having to cover their club's losses, we would have hoped for Coventry to have been in a stronger position than we currently are," he added.

"We are not looking to sell but have said that we would speak with any credible investors looking to be part of a partnership with us. Talks continue on a regular basis but no truly credible party has come to the fore so far."

Former Sky Blues vice-chairman Gary Hoffman had been heading a group of anonymous investors who were in talks over a possible takeover, but they pulled out last week blaming a breach of confidence by the club.

The group were offering to invest £30m and had been seeking to buy the entire share capital of the club for £1.

The Coventry board rejected the offer because the letter was not submitted on headed paper and did not disclose information about the investors.

Igwe also made reference to the club's use of the Ricoh Arena, which is currently owned by Coventry City Council and the Alan Edward Higgs Charity.

"Coventry City is the anchor tenant at the Ricoh Arena and it should have at least a partial stake in the ownership of the stadium where we play.

"Everything possible shall be done moving forward to reach the right solution."

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