Hedge Fund Set To Take Over British Soccer Club

Dec 11 2007 | 9:39am ET

London-based hedge fund Sisu Capital is almost a sure thing to buy British soccer team Coventry City Football Club, according to the Sky Blues’ chairman.

Joe Elliott told thisishampshire.net that the roughly £45 million (US$91.7 million) deal with Sisu is “virtually a done deal.” Elliott said he broke the news to Coventry’s other suitor—Greek billionaire Alki David—yesterday, and that he has “not heard any more from him.”

Coventry needs a cash infusion by Friday, or the team will enter administration.

Sisu have turned their sights to the Sky Blues after their bid for another soccer team, Southampton Football Club, stalled. The hedge fund revealed plans to take a 55% stake in the Saints last month, but Sisu has yet to meet with a the team’s three largest shareholders. Still, Southampton’s executive directors say Sisu’s £40 billion (US$81.5 million) offer is the only one on the table.

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