Preston Haskell IV has said in a press statement that he wishes the City supporters all the best.
The Texan, who had been part of a consortium with Joe Elliott and Gary Hoffman, said in a statement: "Over the past few months while working hard to acquire CCFC, I have developed a strong affinity with the fan base of the club.
"Of course I am disappointed by this afternoon's decision, but I am incredibly proud to have had the experience and unforeseen encouragement of a lot of dedicated supporters. I'm so appreciative of that.
"I personally met with Mr Paul Appleton and think he and his colleagues, bound by the laws and rules of an official legal process have been very professional throughout this difficult undertaking.
"His job wasn't easy but it was done according to the law, and appropriately managed.
"I would also like to publically thank the "good and great of Coventry" Mr Joe Elliott and the steadfast Mr Gary Hoffman for their unwavering support and hard work. These two gentlemen truly bleed Sky Blue."
Source: Coventry MAD