Coventry Deal Near - 30/11/2007

A takeover of Coventry City by Ray Ranson's Sisu consortium appears to be in sight. After two days of intensive talks this week, the Co-op Bank is believed to be moving closer to accepting the offer on the table. News that the club's staff will be paid this month after the bank stepped in to provide the £1m to cover the wage bill means that the immediate threat of administration has been lifted from the club, although it has pushed up the club's debt to the bank to £19m. The Sisu proposal has the unanimous backing of the Sky Blues board, including the two biggest shareholders, MP Geoffrey Robinson and Sir Derek Higgs. For the first time since takeover talks began, agreement has been reached with all parties involved, including Ricoh Arena owners Coventry City Council and the Higgs Charity. Former footballer Ranson has been involved in a number of attempts to buy clubs, but looks as if he is going to be successful at last.