Coventry City saved from administration

Iain Dowie's Coventry City have avoided going into administration as the board have accepted a takeover bid.

The consortium Sisu Capital, led by former footballer Ray Ranson, had an offer accepted by the club's directors.

The deal has already been approved by 71.4 per cent of the shareholders but it needs acceptance by 90 per cent for official confirmation.

The board has advised the remaining shareholders to accept the offer promptly to make sure the deal is completed quickly.

Retiring Chairman Joe Elliott said: "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.

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

Billionaire movie mogul Alki David had shown an interest in buying the club but pulled out, claiming the club was "falling apart".

Elliott added: "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.

"I'd like to pay special thanks to Iain Dowie, his management team, the players and all of the staff at Coventry City who have loyally supported the Club through such a difficult time."

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