Coventry City managing director Paul Fletcher has vehemently refuted claims the club face the threat of administration due to a breakdown in talks with potential investors Manhattan Sports Capital Partners.
In February the American consortium - the bid vehicle for investors Sean McDevitt and Philip Harris, along with US-based English investment advisor Roger Marment - agreed in principle a deal to takeover the Sky Blues.
The talks were being spearheaded by business consultant and lifelong City fan Gary Hopkins. Since then, news of how negotiations are progressing has been kept under wraps, prompting speculation the deal had broken down and that the loss of investment could force the Championship leaders into administration.
But Coventry revealed earlier this week they have also received interest from three other parties regarding investment in the club.
Coventry are #28million in debt and have no tangible assets because they are tenants at their Ricoh Arena home.
Fletcher is adamant the Sky Blues remain on a sound financial footing and that the club are still ’heavily involved’ in takeover talks with the Manhattan group.
He said: "I cannot see any situation where the football club will go into administration. Talks with the Manhattan consortium are still under way and they remain ongoing.
"The club have also issued statements outlining interest from other groups so I do not know where these kind of stories originate."
Fletcher refused to give any further update on how the takeover was progressing but he insisted the club had not been forthcoming with information regarding any potential investment due to the confidential nature of the matter.
"I do not think it would be appropriate for me to comment on where we are at the moment," said Fletcher.
"I have had a chat with the chairman (Geoffrey Robinson) and I have been brought up to speed but all I can say is that talks are still under way.
"The club has decided it is not going to give a day-to-day commentary about where we are. When we have an announcement to make we will make it. Our position is we are still heavily involved in discussions with the Manhattan group and others."