Gary Hoffman has not given up on a takeover at Coventry but the club's former vice-chairman admits he is concerned for City's future following their relegation to League One.
Lifelong Sky Blues supporter Hoffman and his investors, who were unsuccessful in a takeover bid last August, remain on the radar, but dropping down a division has made a potential deal even more difficult for a cash-strapped club which does not own its own stadium.
"The important thing to focus on now is what happens next because I am worried about the very survival of our club," Hoffman told the Coventry Telegraph.
"I'm as frustrated as everyone else with the fact that I haven't made the progress with investors that I had hoped to.
"It is not worth going into all the history but it hasn't been for the lack of trying. Everyone will appreciate what a moving target this has been and things have gone from bad to worse.
"I am prepared to spend as much time on this as it takes and will go anywhere to help make it happen. Of course I can't promise anything will get done. The investors have not gone away despite being told to go away a few times.
"But, of course, when it became obvious that League One was a real possibility the proposition changed and they have been biding their time. I wish they hadn't but that's a reality."