MILLIONAIRE BACKER OF CITY TAKEOVER BID SPEAKS OUT
A MULTI-MILLIONAIRE businessman has revealed he is one of the men behind a consortium attempting to takeover Coventry City.
Richard Overson, 49, recently saw his financial services company sold for £208million and says he is going public in a bid to show CCFC’s London hedge fund owners Sisu that the consortium is serious in its attempt to buy the club.
Mr Overson, who lives in Stratford-upon-Avon and is a life-long Sky Blues fan, also said the other unnamed investors in Gary Hoffman’s consortium were wealthy men.
But he also spoke of his frustration that the consortium’s three bids to date had been given short shrift by Sisu boss Joy Seppala and said that meaningful talks must take place before another offer would be considered.
He also indicated the consortium was prepared to improve on its most recent offer.
Speaking exclusively to the Telegraph, he said: “I got in touch five or six weeks ago with Gary Hoffman and offered to help.
“I’m willing to put money in and I’m not looking for a return.
“Lets get the club back to the city, playing in the city and back to the supporters. If we can do that, then it’s down to the supporters.”
Why get involved?
Mr Overson said: “I’m willing to put money in and I’m not looking for a return. Let’s get the club back to the city, playing in the city and back to the supporters. If we can do that, then it’s down to the supporters.”
He added: “I live in Stratford now. My three boys all have season tickets. I have been lucky enough to be successful in business and I have watched what has happened to the club from afar. I said to Gary, I’m in a fortunate position now where I can come and help. I’m a true Coventry fan, I’ve got a passion for it. We’ve just got to get it back to its rightful owners, the fans.”
On his business background he said: “I have worked in financial ser- vices all my life. It’s the KR Group which specialises in advising people over 55. I have been fortunate. We started the business back in 1998. We have grown the business substantially in that time.
Other investors
Gary Hoffman has previously said his consortium involves a selection of local businessmen.
The identities of three of them are now known in Richard Overson, Joe Elliott and Mr Hoffman himself. Asked about the remaining investors, Mr Overson said: “I know them, yes. They are wealthy men.
“There’s room to go further than our previous offers. But what’s the cut off? What is the club worth? If you buy a house for £200,000 but have a mortgage for £300,000 - you can’t expect me to pay off your mortgage. I’m just going to tell you what the asset is worth.”
He added: “I don’t know whether me coming out might well engage other people. There will be other people out there who are wealthier than me from Coventry. That’s part of the reason for going public. If there’s anybody else out there, then let’s get together. We have a responsibility to the city of Coventry,”
Mr Hoffman has previously expressed a desire to conduct business away from the glare of the media and the public, but recently there has been more information coming out from the consortium leader. When we asked Mr Overson why he had decided to reveal himself as a member of the consortium, he said: “We need Sisu to come out. We have been trying for four or five weeks, behind closed doors, to get it sorted. I think now we have to be truthful to the fans. I think the fans need to know that we’re serious and that it’s not just Gary and Joe again. I’m passionate and I want to get involved. People need to know that we are trying our hardest here.”
On previously rejected bids
Gary Hoffman’s consortium has had three offers refused by Sisu - the latest bid reportedly worth in excess of £20million if various add-ons came to fruition.
Mr Overson said: “They (Sisu) just issued a knock back saying ‘get lost’ really. We need to find out exactly what they think this club is worth.”
Asked if he thought Sisu would ever discuss a price, Mr Overson said: “Yes, hopefully. We just need them. Sisu need to come out and say ‘this is what the club is worth’. They have a figure in their heads that nobody knows. Or they need to come out and say, ‘this is our plan for the next three years’.”
He added: “With season ticket sales plummeting, Sisu need to come out and say exactly what they want to do.”
Playing side and Ryton training ground
“They have a great manager in Mark Robins. Robins is the one you would want. If I was coming in, Robins would be an integral part of the club going forward.”
He added: “We would be looking to invest significantly in the playing side. But we need to see how we can get it across the threshold before we can invest in the playing side. We need the fans to back us as well. We are going to need 15,000 to 20,000 at games.”
Asked about the situation with Coventry City’s training ground, Mr Overson said the consortium was happy for Sisu to keep the land, in Ryton.
The consortium values the land, which has been put forward as a possible location for housing, at £6million to £8million.
Mr Overson said: “Ryton training ground is an asset, they can have that. Originally that wasn’t part of the talks, but we’ve given that back to them. Have Ryton, it’s worth about £6million to £8million, so have that if that’s going to make the deal worth it.”
Debt to Sisu
The amount Sisu has invested in Coventry City, and the level of debt loaded onto the club, is a hotly debated subject. One financial expert recently told the Telegraph it would take a bid in excess of £100million for Sisu to be able to walk away without suffering any sort of loss.
The hedge fund itself insists it has invested in excess of £70million in the club.
Asked if any consortium offerr would seek to pay back all or some of Sisu’s debt, Mr Overson said: “We would have to have much more detailed discussions about that. What I’m saying is that I want to invest some money here that I’m not looking for a return on.”
He added: “Until Sisu come and talk to us and say exactly what they want, we don’t know. We need to better understand why they want more money and what they want. They might have a plan none of us know about. The problem is there’s probably more than eight strands of the truth. How much debt is there on the club? How much have Sisu invested? Nobody knows except Sisu.”
On fan involvement
Asked if there would be room made for supporter representation on the board, he said: “We would have to. You have some pretty passionate people that follow Coventry. It’s the ninth biggest city in the country.” What I’d like to do is get it away from Sisu and then really back the city fans. I’d want, out of the 43,000 who went to Wembley, half of them to commit to season tickets.”
Future at Ricoh Arena
Mr Overson said he was of the view that the club’s long term future can be at the Ricoh Arena.
That’s despite concerns repeatedly raised by CCFC chairman Tim Fisher about access to matchday and non-matchday revenue’s at the stadium under landlords Wasps.
Wasps have recently indicated they are open to talks with the club over extending their stay at the stadium with the current agreement due to expire at the end of next season. Mr Overson said: “I think the club can definitely stay at the Ricoh Arena by engaging with Wasps. From what Gary Hoffman and Joe Elliott have said, the consortium has some great relationships with Wasps. If you had of asked me years ago, I’d have said go back to Highfield Road, but that’s never going to happen now. The Ricoh is our home. We have to make it our home.”