The Manhattan Sports Capital Partners consortium agreed a deal to buy the Sky Blues earlier this year.

Fletcher admitted negotiations were slow but he remains optimistic.

He said: "I met with key members of the Manhattan Capital Partners on Wednesday and Thursday this week. I'm happy to report things are still progressing."

He added: "I am also fully aware the speed of negotiations is far slower than most people's expectations - especially CCFC supporters.

"But such is the complexity of potential agreements between Coventry City Football Club, Coventry City Council, Arena Coventry Ltd and the Higgs Charity more time is necessary to ensure everyone is happy.

606: DEBATE Give your reaction to the takeover of Coventry

"Once these negotiations reach a satisfactory conclusion and Manhattan have made their formal offer, Coventry City Football Club will then be in a position to make a formal statement."

Last month City called an Extraordinary General Meeting and asked shareholders to vote in favour of the club transferring their option to buy back 50% ownership of the Ricoh Arena to acting chairman Geoffrey Robinson as security for personal loans he has made to the club.

The club sold their 50% share in the Arena to the Alan Edward Higgs Charity during more troubled times.

Manhattan Sports Capital Partners is the bid vehicle for American investors Sean McDevitt and Philip Harris, along with US-based English investment advisor Roger Marment.

The takeover talks are being spearheaded by business consultant and life-long City fan Gary Hopkins.

Coventry also dismissed reports that Liverpool legend Graeme Souness could mount an 11th-hour bid to buy the club.

Souness, who attempted a �20m buy-out at Wolves earlier this year before expressing an interest in Southampton, was invited by Fletcher to look around the Ricoh Arena last week.