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 07 September 2008 00:18 BST

Coventry avoid administration

Friday, 14 Dec 2007 16:32
Coventry City's Ricoh Arena is set to be under new ownership

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Championship side Coventry City have agreed to the terms of a Ray Ranson-led takeover, so avoiding entering administration this afternoon.

The Sky Blues faced a ten-point penalty if they were forced to call in the administrators, but with only a short time remaining until the 16:00 GMT deadline it was announced that a deal had been struck with SISU Capital.

The takeover is subject to 90 per cent agreement from all shareholders in the club, although the majority shareholders, Craigavon and Sir Derek Higgs who represent 71.4 per cent ownership, have already rubber-stamped the offer.

Coventry chairman Joe Elliott, who will stand down once the deal goes through, said he was glad to have ensured the long-term financial future of the Ricoh Arena side.

"This is a very exciting day in the long, proud history of Coventry City Football Club and I am positive that will be reflected in the attendance for the game against Southampton," he said.

"I am sure that Ray Ranson and SISU Capital will help drive Coventry City forward into a brand new era for the club.

"I'd like to thank the board and associate directors for their magnificent support and ask that remaining shareholders return their signed forms or attend the special office at the Ricoh Arena, as per the instructions within the shareholder's document, by Monday evening."

Elliott also reserved a "special thanks" to first-team manager Iain Dowie, who had been threatened with redundancy if the club failed to find a buyer, as well as the playing staff "who have loyally supported the club through such a difficult time".

New owner Ranson has been looking to invest in a club for a number of months.

He originally failed in his attempts to purchase Manchester City when former Thai prime minister Thaksin Shinawatra stepped in earlier this year.End of story


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