Coca-Cola Championship side Coventry City has emerged as the latest British football club to hold takeover talks with US backers.
The club has announced that is has signed ‘non-binding heads of agreement’ with Manhattan Sports Capital Partners – a financial investment that, should it get the green light, it is hoped will propel Coventry City back into the FA Premier League.
The US consortium is in the early stages of due diligence, but the club said 'it will not be possible for some time to be sure if the deal will go ahead'.
Coventry City are hoping any takeover will eliminate their £28m debt and provide transfer funds for new manager Iain Dowie.
A club statement said: ‘We hope the deal goes ahead. Meanwhile, we have made it clear to the Manhattan group that any new arrangements for the club must involve substantial investment in improving and strengthening the squad to achieve the club's Premiership ambitions.’