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The Jimmy Hill Tribute Appeal has moved within touching distance of reaching its fund raising goal after a £12,000 donation from the Professional Footballers Association.
The PFA, whose chief executive Gordon Taylor is a member of the tribute appeal's committee, donated the cheque in recognition of the many years of service dedicated to the organisation and the pioneering changes made by Sky Blues legend Hill during his time as chairman of the PFA.
As a result, the appeal requires just £25,000 to complete the project and sculptor Nicholas Dimbleby has already begun drawing potential designs for the statue which should be in place by the time the Ricoh Arena hosts Olympic football matches in 2012.
The appeal has also received generous donations in the form of building materials from local suppliers which means the total amount required to erect the statue has fallen well below the original estimated cost of £150,000.
Once complete, the statue will be positioned outside the main entrance to the Ricoh Arena and remain as a permanent reminder of the achievements of the former Sky Blues manager and chairman.
Kevin Heffernan, Jimmy Hill Tribute Appeal chairman, said: "This donation from the PFA outlines the national significance of this appeal.
"It has also helped us to get to a point where local interest and support for this project can take us over the finishing line.
"Over the next few weeks if supporters pop into their local branch of Coventry Building Society and make a donation they can help us to bring this to a very happy and successful conclusion.
"Jimmy is a man of the people, a fans' favourite, and so it is apt that the supporters will be ultimately responsible for this statue being built."
Donations are accepted by cash or cheque at any Coventry Building Society Branch and by cheques made out to the Jimmy Hill Tribute Appeal and posted to Godiva House, Binley Business Park, Coventry. CV3 2TQ.
Online bank transfers can also be made to the Jimmy Hill Tribute Appeal using account number 44715278 and sort code 40-63-01.
The appeal fund will remain open until further notice, with any excess donations being put towards a football scholarship with the Sky Blues Academy for a young Coventry-born footballer.