Hoffman made an unsuccessful bid for the recently-relegated Championship side last August.
Despite the demotion, Hoffman has made it clear that he still remains extremely interested in gaining control at the Ricoh Arena.
"I'm as frustrated as everyone else with the fact that I haven't made the progress with investors that I had hoped to," Hoffman told the Coventry Telegraph. "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."
The Sky Blues have not played in the third tier of English football since 1964.