US Property Tycoon Plans Coventry City Takeover

By iSportconnect | March 25, 2013

Preston Haskell IV, an American property tycoon, is planning a takeover bid for troubled Coventry City.

Haskell has also agreed a share of the League One club’s Ricoh Arena stadium. The Texas-based multi-millionaire wants control of the club and to install the club’s suspended life president Joe Elliott as chairman.

Haskell and his associates have agreed a deal that will see them take over the half share owned by the Alan Edward Higgs charity in Arena Coventry Limited (ACL), the company that operates the Ricoh Arena.

They are believed to be awaiting the result of tomorrow’s High Court appearance with ACL, who claim they are owed £1.3 million ($2.13m) in unpaid rent, before proceeding further.

Elliott told BBC Coventry & Warwickshire: “He’s very keen and the other people in his team are very keen.

“This is something I believe would be beneficial to the city of Coventry.”

Haskell told the Sunday Times: “I have an agreement in principle to purchase the Higgs Trust’s 50% share of the Ricoh and take over its management.

“The agreement is on condition that I am allowed to purchase Coventry City once the administration process is completed.

“What I want is to see Coventry City back where it belongs, at the top level of the English game.

“To return this club back to the Premier League will take investment in the team and a proper management structure, both of which I can provide.

“Coventry has a fantastic fan base – over 30,000 attended a Johnstone’s Paint Trophy game this season – and I want to bring that support back into the club by inviting the supporters trust to take 20% of its shares.

“I also want to bring Joe Elliott back as Coventry’s chairman. He’s a man who bleeds Sky Blue, who is furious about what the current owners have done to his club.”