Appleton came under fire from disgruntled supporters last week when, after two months of investigation, he revealed he was still to determine where the much spoken of 'Golden Share' - which provides membership to the Football League and Football Association - lay.
The Sky Blues, under hedge fund owners Sisu, in March placed the non-operating subsidiary of the club into administration, although Coventry City Football Club (Holdings) continues to operate.
American multi-millionaire Preston Haskell IV has tabled a bid to buy CCFC Ltd as well as half the Ricoh Arena.
And Appleton has revealed the location of the mystery Golden Share will now only be sought after a new buyer has been selected.
Appleton said: "I am an officer of the court and my duties are clearly defined. As such, these entail providing the best outcome for the company while achieving one of the three purposes of an administration.
"Contrary to recent statements and press reports, the process is complicated and I am still waiting on various answers from parties involved which will assist in my investigation. I have made this quite clear to ACL (Arena Coventry Limited, management company of the Ricoh Arena) who, I am pleased to say, are assisting me in my enquiries.
"I have also made that position clear to the Sky Blues Trust and have pointed out many of these enquiries must remain confidential.
"While my investigations continue, the sale process is ongoing and I am meeting various interested parties over the coming days. When the process is finalised and a purchaser identified, the issue of the Golden Share will be dealt with.
"As I have stressed to various important stakeholders, it is within the gift of the Football League to agree any transfer of that Share. I have had positive discussions with the League and they have been kept completely abreast of the situation."