Former Coventry vice-chairman Gary Hoffman claims he has investors lined up ready to put in excess of £30million into the club.
Hoffman has already seen an offer to buy 100% of the club for £1 dismissed and a further written offer turned down but says he has businessmen ready to pump £20million into the club and a further £10million to exercise option to buy 50% of the Richoh Arena stadium.
Hoffman told the Coventry Telegraph: "I want to put the facts straight because most fans are fed up with rumours and I want to tell them where we have got to on this."
He added: "As far as the offer goes, yes I made a verbal offer on behalf of investors about six weeks ago. I met the chairman, Ken Dulieu, to do this.
"Having not heard anything after a week, I chased and the offer was rejected.
"I then put an offer in writing and handed the offer letter over to the chairman and I explained who the investors were - well known people from the UK and some overseas investors; football people and business people with great reputations.
"I said in the letter that proof of funds would be provided through legal representatives. The chairman said he would explain to the board that it was a serious and formal offer."
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