Otium Entertainments have completed their take over of CCFC Ltd. They were announced by the adminsitrator as the preferred bidder a couple of
Otium Entertainments are a subsidiary of SISU who already own CCFC (Holdings) Ltd but appear to have no assets or money and questions have been raised as to how thay can afford to buy a club alteady deep in debt.
The administrator handling the sale of the part of the club in administration, Paul Appleton said, "I can confirm that the asset sale by Coventry City FC Limited to Otium Entertainment Group Limited has been completed.
"Otium has purchased the right and title to certain assets possessed in Limited including the shares in the Football League and the Football Association. I stress that I have only been able to sell such right and title to these as Limited possesses because CCFC Holdings Ltd asserts beneficial ownership over them.
"This has been no ordinary football administration and I have tried to undertake a sale process which allows the club to compete in all of next season's competitions.
"Obviously, one of the key points now is to determine where the club plays its football next season, but that is a matter for the purchasers and the Football League."
Source: Coventry MAD