Offer for Coventry accepted

Coventry City's administrator has accepted a bid from a company linked to the League One club's current owners.

Last Updated: 14/06/13 at 19:09 Post Comment

Coventry: Administrator has accepted a bid

Coventry: Administrator has accepted a bid

The Otium Entertainment Group were one of four bidders for City, who were docked 10 points by the Football League after a subsidiary company entered administration in March.

Another subsidiary company of the club, Coventry City Football Club (Holdings) Ltd, remains in business and shares two directors with Otium.

And administrator Paul Appleton has acknowledged that his choice of preferred bidder may not prove popular with the club's supporters.

He said: "I realise and appreciate the end result of the sale process will not necessarily be welcomed by a large number of Coventry fans.

"However, the bid from Otium Entertainment Group Limited was substantially more than any of the other three bids received.

"It was the bid which gave the greatest return to the unsecured, non-connected creditors of CCFC Limited by a considerable margin.

"This offer allows me to achieve the purpose of the administration and, following discussions with the Football League, I am hopeful a completion of the sale can be achieved as swiftly as possible."

A club statement issued in response to Appleton's decision read: "We are pleased with the decision which helps to assure the future of the club.

"Our absolute focus now is to exit CCFC Limited from the administration process so we can get back to running a football club and make the decisions we need to in time for next season."

Related News

Most Commented

Readers' Comments

A

ll he wants are sharks with frickin lazers on their heads. Is that too much to ask?

mufc phil
Bomb threat on FIFA D-day

W

hy is the dinosaur trying to hold on to this.... Just leave... No one wants you in this position you corrupt loser. Let someone else take over....

arsenal121
Defiant Sepp blames minority

N

ow is the time for Allardyce to finally get a chance at a big club please. He is likely to have a number of great offers for his services this summer, but who will he choose? Will it be Liverpool, Real Madrid, Dortmund or Man City?

medina_sod
Allardyce leaves West Ham

Footer 365

Sepp Blatter wins election to remain as FIFA president for fifth term

Sepp Blatter has won a fifth term as FIFA president with victory over Prince Ali bin Al Hussein in the long-awaited Zurich election.

Bomb threat confirmed on FIFA election day in Zurich

A bomb threat and a political protest have disrupted FIFA's congress on the day Sepp Blatter's critics hope will signal his exit.

Jack Warner hits out at USA after being charged in corruption case

Former FIFA vice-president Jack Warner has hit out at the United States after he was charged in a US corruption case.

Mail Box

Players Must Stand Up For Qatar Boycott

Players, not bureaucrats, hold the key to boycotting Qatar. Also in the afternoon mailbox: Wenger is right to rotate, Zlatan can dribble, and it's Barca v Ajax in the budget final...

What Would You Do If You Were Blatter?

Step into Sepp's shoes, is the invitation from one mailboxer. Also: United already have their new number one, Rodgers deserves time, and the best Budget XI so far...

© 2015 Sky Ltd. All Rights Reserved A Sky Sports Digital Media company