The Sky Blue Trust has, for several years, taken the view that the future of Coventry City FC can only be sustained if the current owners, SISU, sell to new owners who are prepared to show some ambition and care for the Club. The Trust has noted with interest the bids made recently by a consortium of potential investors coordinated by Gary Hoffman. We were encouraged to hear the recent positive remarks of one of those investors, Richard Overson,
Following some helpful, open discussions between representatives of the Trust and the consortium, the Trust Board is now able to announce that we intend to work together in partnership with them, to take steps to purchase the Club from SISU. The intention is that, if such a purchase seems able to proceed, some of the funds needed to buy the Club and invest in a successful future would be raised from supporters via a community share issue. This type of scheme has been used by many supporters’ groups in recent years and was described at the Trust’s open meeting with Supporters’ Direct a few months ago.
No decisions have yet been taken on the level or the timing of any future bid to buy the Club, as everyone is waiting for contact from Joy Seppala. There are many details which would need to be settled about a business plan for the Club following purchase (although the consortium has already shared with us what seems to be a very sensible plan for stability, sustainability and long term success), the extent of fans' representation and engagement with the Club’s board and other aspects of its future management. Those will take place over the coming weeks and months.
The consortium also has plans for the long term for Coventry City to be playing its home games in the City of Coventry. The Trust and the consortium members share a few simple overriding aims: to restore pride in our football Club and secure its success, climbing back up the leagues to where we belong. We will rebuild amicable relationships with all the relevant stakeholders, which have been destroyed by SISU, to place Coventry City back in its role as a major asset for the City of Coventry.