Movie company interest in Coventry confirmed

The company of movie mogul Alki David – Film On – has confirmed that the billionaire businessman has made an approach to take over Coca-Cola Championship club Coventry.

It had been reported earlier today that David had emerged as an 11th-hour challenger to Ray Ranson’s bid to buy the cash-strapped midlands club, who are around £38m (€52.8m) in debt.

Film On released a statement which confirmed David’s interest and also revealed that negotiations were under way to strike a deal before Thursday’s deadline, when Coventry must either prove their solvency or enter administration and incur a 10-point deduction.

The statement read: “Further to the enquiries we have received at our offices regarding today’s speculation that Alki David has been linked with the purchase of Coventry City FC, his company Film On would like to clarify the situation and confirm that an approach has been made.

“This morning Alki David has been in direct communication with Coventry City FC and is now investigating the financial state of the club in the hope that a deal can be struck before Thursday.”

Last week Coventry announced their intention to enter administration in an attempt to bring a successful conclusion to takeover talks with Ranson’s Sisu consortium.

It was that move which attracted the interest of David, who appears to have usurped Ranson as favourite to buy the club.

David would take on Coventry’s £38m (€52.8m) debt before drawing up a transfer budget, and he hopes that current manager Iain Dowie would remain in place to spend it.

Dowie put a question mark against his future after stating he would consider his position if the club went into administration.

David told the Guardian: “Negotiations are at a very good stage and I expect a positive decision to be made soon.

“Coventry is a team which can achieve great things if it is slapped into shape. My aim is to take them into the Premier League and I want to work with the current management team to achieve that.

“I will try to get there with Coventry and also with a team that already plays in that division.”

David, 39, who personally is worth an estimated £4billion, comes from wealthy stock.

His late father was the managing director of the Leventis-David group, a family business which owns bottling plants for Coca-Cola in 23 countries.

He is the majority shareholder and has set up other companies, including Independent Models, the largest modelling agency in the UK, and 111 Pictures Ltd, a UK-based movie production outfit.

He is already a shareholder at Panathinaikos, the 19-times Greek champions, and the Nigerian side Leventis United.